June 20, 2018 / 11:48 AM / 4 months ago

Sri Lankan rupee hits fresh record low on importer dollar demand

COLOMBO, June 20 (Reuters) - The Sri Lankan rupee hit a fresh record low of 160.17 per dollar on Wednesday as importer dollar demand surpassed mild greenback selling by exporters and banks, dealers said.

The spot rupee hit all-time low of 160.17 per dollar during the day surpassing its previous all-time low of 160.00 hit on Thursday.

The rupee ended at 160.00/20 per dollar, weaker than Tuesday’s close of 159.95/160.00. The currency has declined 4.2 percent this year.

“Rupee ended weaker as there were less inflows and exporter conversions. The rupee is under pressure,” a currency dealer said.

Dealers expect the rupee to trade in the 163-165 range by end of the year.

Foreign investors sold government securities worth a net 2.7 billion Sri Lankan rupees ($16.9 million) in the week ended June 13, bringing the outflows so far this year to 22.6 billion rupees, central bank data showed. (Reporting by Ranga Sirilal and Shihar Aneez; Editing by Vyas Mohan)

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