The Sri Lankan rupee hit an all time low on Monday and this marks the 10th straight time in recent history. The Friday record of 161.55 was exceeded by the new record of 161.65 earlier on Monday and closed at 161.60/70 per dollar.
The value of the Sri Lankan rupee declined 1.2 percent last month, and the market shows a 5.3 percent decline altogether, this year so far. According to a Reuters anonymous source, “Dollar demand was there. Foreign banks were on the buying side and there was not much of remittances flow.”
“With the Indian rupee and regional currencies under pressure, the Sri Lankan rupee also will be under pressure.” source had added.