Sri Lanka rupee hits fresh low of 161.60 per dollar – dealers

Sri Lanka rupee vs US dollar

The Sri Lankan rupee fell to a new low of 161.60 per dollar on Monday due to higher importer dollar demand, while exporters awaited a reversal in the depreciation trend to convert the U.S. currency, dealers said.

The local currency surpassed its earlier record of 161.55 per dollar hit in the previous session.

“There is importer dollar demand and the dollar is having another run today. The depreciation pressure remains as exporters are waiting to see the bottom in the rupee fall,” a dealer said, requesting anonymity.

Dealers said there were not much of inflows, while foreign banks bought dollars to facilitate some equity-related outflows.

The rupee, which has lost 5.3 percent this year, closed Friday at 161.40/50 per dollar.