September 4, 2018 / 6:12 AM / 2 months ago

Sri Lanka rupee hits low of 161.90 per dollar - dealers

COLOMBO, Sept 4 (Reuters) - The Sri Lankan rupee fell to a new low of 161.90 per dollar on Tuesday, fuelled by greater demand, while exporters awaited a reversal in the depreciation trend to convert the U.S. currency, dealers said.

The domestic currency, which was hitting an all-time low for the 11th straight session, fell past 161.65 per dollar hit in the previous session.

“The (dollar) demand is there from both local and foreign banks,” said a dealer who requested anonymity.

“We can see a sizeable demand from a forign bank. There are oil and some gas (import) bills too. The depreciation pressure remains, as exporters are waiting to see the bottom in the rupee fall.”

Dealers said there were few inflows, while foreign banks bought dollars to ease some equity-related outflows.

The rupee, which weakened 1.2 percent last month, and has dropped 5.4 percent this year, closed Monday at 161.60/70 per dollar. (Reporting by Ranga Sirilal and Shihar Aneez; Editing by Clarence Fernandez)

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