Sri Lankan rupee hits record low

COLOMBO (News1st) - The Sri Lankan rupee ended down on Monday, after hitting a record low during the day as foreign investors sold government securities following local election defeats at the weekend for ruling coalition parties.

The rupee, which traded at record low of 155.00 during the day, ended at 154.95/155.05 per dollar on Monday, compared with Friday’s close of 154.27/35 per dollar. It surpassed its previous all-time closing low of 154.60/70 hit on Tuesday. Foreign investors sold a net Rs. 6.03 billion worth of government securities last week. In addition, dealers expect a 2% to 3% depreciation in the rupee and higher volatility this year, on account of debt repayments by the government. The rupee fell by 2.5% last year and 3.9% in 2016.