Sri Lanka rupee hits record low of 159.10 per dollar - dealers - Adaderana Biz English

Sri Lanka rupee hits record low of 159.10 per dollar – dealers

June, 11, 2018

Reuters - The Sri Lankan rupee slipped to a fresh all-time low of 159.10 per dollar on Monday, pulled down by a lack of demand for dollars from exporters amid persistent demand from importers, dealers said.

Three dealers confirmed the rupee was traded at 159.10 on the dollar - beyond the previous record-low of 159.00 hit on Friday.

“The rupee is under pressure. I don’t see too many people on the dollar selling side. There is big external movement also and this trend is not specific to the Sri Lankan rupee alone. We see the global currencies weakening against the dollar,” one dealer said.

He said the dollar will strengthen on the back of the U.S. Federal Reserve’s policy meeting this week, while the European Central Bank meeting may also affect the rupee.

The rupee has fallen 0.4 percent so far this month, and 3.5 percent for the year.

Sri Lanka rupee hits record low of 159.10 per dollar – dealers

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