Rupee hits record low of 175.90 on political uncertainty

(Colombo) REUTERS: The Sri Lankan rupee fell to a record low yesterday, as political uncertainty triggered by President Maithripala Sirisena’s decision to sack Parliament weighed on sentiment, in line with bonds, market sources said.

The currency hit 175.90 versus the dollar, surpassing its previous all-time peak of 175.65 hit on November 1.

Sirisena dissolved Parliament on Friday night and called a general election for January 5, drawing international criticism, in a move likely to deepen the country’s political crisis.

The rupee closed at 175.10/30 per dollar on Friday.

The rupee has fallen 14.4 percent so far this year, Refinitiv Eikon data showed.