Rupee plunges to record low on importer dollar demand
(Colombo) REUTERS: The Sri Lankan rupee touched a fresh low yesterday on dollar demand from importers, just days after it slipped to a record low, but a late bout of selling of the U.S. currency by exporters helped cut losses, dealers said.
The spot rupee hit an all-time low of 160.00 per dollar, breaching its previous record low of 159.80 hit on Monday.
The rupee, however, ended the day at 159.70/90 per dollar, lower than Wednesday’s close of 159.50/70. The currency has declined 4 percent this year.
“The dollar demand was there in the morning and after the dollar hit 160. We saw some small time exporters coming into market,” a currency dealer said.