Sri Lankan rupee down to record low amidst political crisis
Written by Reuters 30 Oct, 2018 | 10:17 AM
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Reuters – The Sri Lankan rupee slumped to a record low on Monday (October 29) as growing political turmoil sparked buying of U.S. dollars by importers. Stocks hit a nearly six-week closing high on retail investor buying, but foreign investors exited after President Maithripala Sirisena sacked the prime minister unexpectedly and swore in the former president.
The rupee dropped to a record low of 174.30 per dollar on Monday, surpassing the earlier record of 173.08 hit on Friday. The rupee ended at 173.75/90 per dollar on Monday, compared with its previous close of 173.05/20. The rupee weakened 2.8% so far this month after a 4.7 percent drop in September against the dollar. It dropped 13.2 percent so far this year.
Written by Reuters 30 Oct, 2018 | 10:17 AM
Share:
Reuters – The Sri Lankan rupee slumped to a record low on Monday (October 29) as growing political turmoil sparked buying of U.S. dollars by importers. Stocks hit a nearly six-week closing high on retail investor buying, but foreign investors exited after President Maithripala Sirisena sacked the prime minister unexpectedly and swore in the former president.
The rupee dropped to a record low of 174.30 per dollar on Monday, surpassing the earlier record of 173.08 hit on Friday. The rupee ended at 173.75/90 per dollar on Monday, compared with its previous close of 173.05/20. The rupee weakened 2.8% so far this month after a 4.7 percent drop in September against the dollar. It dropped 13.2 percent so far this year.
