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Sri Lanka rupee hits record low

The Sri Lankan rupee slipped to a fresh all-time low of 157.40 per dollar on Wednesday for a third straight session, pressured by persistent importer dollar demand, dealers said.

The selling price reached 159.04 per dollar while the buying price reached 155.26.

Two dealers confirmed that the rupee was traded at 157.40 on the dollar – beyond the previous record-low of 157.30 hit on Tuesday.

“Unlike earlier, petroleum importers are buying dollars from the market instead of borrowing from banks. That has put pressure on the rupee,” a currency dealer said.

The rupee has fallen 0.64 percent so far this week and 1.2 percent for the month.

Source: Reuters

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