Sri Lankan rupee hits record low

Sri Lankan rupee hits record low

The Sri Lankan rupee hit a record low for a sixth straight session on Wednesday as the selling price reached 182.27 against the US Dollar.

The buying price is recorded as 178.32 per dollar, according to the Central Bank of Sri Lanka.

Moody’s downgraded Sri Lanka last Tuesday for the first time since it started rating the country in 2010, blaming the political turmoil for aggravating its already problematic finances.

The downgrade coincided with a decision by the International Monetary Fund to delay discussions on its loan tranche to Sri Lanka.

The political paralysis remains the main concern of investors.

The central bank on Nov. 14 unexpectedly raised its main interest rates to defend the rupee, which has faltered as foreign capital outflows pick up due to the domestic crisis as well as rising U.S. interest rates.

-With inputs from agencies