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Sri Lankan rupee down to record low amidst political crisis
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<blockquote data-quote="Kotiyagoda Sunil" data-source="post: 23816854" data-attributes="member: 568071"><p>Sri Lankan rupee down to record low amidst political crisis</p><p>Written by Reuters 30 Oct, 2018 | 10:17 AM</p><p></p><p>Share: </p><p>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.</p><p></p><p>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.</p></blockquote><p></p>
[QUOTE="Kotiyagoda Sunil, post: 23816854, member: 568071"] Sri Lankan rupee down to record low amidst political crisis 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. [/QUOTE]
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