November 26, 2018 / 6:23 AM / 14 days ago

Sri Lankan rupee hits fresh low against dollar

COLOMBO, Nov 26 (Reuters) - The Sri Lankan rupee hit yet another record low against the dollar on Monday due to concerns over political uncertainty dragging the island nation’s economy, after Moody’s downgrade of the country’s credit rating and IMF halting a loan discussion.

The rupee fell to an all-time low at 180.40 against the dollar, compared with Friday’s close at 179.80/180.40. The currency hit a fresh record low for the fourth straight session on Monday.

The rupee has fallen 17.2 percent so far this year, Refinitiv Eikon data showed.

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

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

A bitter row over President Maithripala Sirisena’s sacking of Prime Minister Ranil Wickremesinghe on Oct. 26 and the competing influences of China and India have shattered the island’s fragile ruling coalition.

The currency has fallen 4.1 percent since the crisis unfolded. (Reporting by Shihar Aneez and Ranga Sirilal; Editing by Rashmi Aich)

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