Sri Lankan rupee hits fresh low; cenbank intervention caps fall
Posted on September 26th, 2018

COLOMBO, Sept 26 (Reuters) – The Sri Lankan rupee hit a fresh low of 169.05 on Wednesday on importer dollar demand, while intervention by the central bank limited the fall, market sources said.

Sri Lanka’s finance minister urged its people to buy local products and shun unnecessary imports in order to reduce the trade deficit and help stabilise a weak rupee, a day after Prime Minister Ranil Wickramasinghe said the government would take measures to impose taxes to curb imports by up to $1 billion to face the currency crisis.

The rupee fell to an all-time low of 169.05 per dollar on Wednesday, surpassing its previous low of 169.00 hit on Friday. It closed at 169.00/169.20 per dollar, compared with Tuesday’s close of 168.90/169.00.

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