Sri Lankan rupee hits new low against US dollar

COLOMBO (News 1st) - The Sri Lankan rupee hit an all-time low against the US dollar on import dollar demand with the selling price reaching Rs. 160.0069 during morning hours of the day. The Sri Lanka rupee fell to a new low of 158.85/95 against the US dollar on demand from importers with the selling price reaching 160.0069 during morning hours of the day. The buying rate was recorded at 156.91 according to Central Bank data. According to the Central Bank, the currency has depreciated around 3.4% so far this year. The Central Bank said the pressure on the currency is unwarranted as gross external reserves are at $9.1 billion and the real effective exchange rate indexes indicate the currency is competitive.