SL rupee hits record low

12 June 2012 07:48 am - 28 - {{hitsCtrl.values.hits}}

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(Reuters) - The Sri Lankan rupee fell to a record low of 133.60 against the dollar on Tuesday on importer demand for the U.S. currency as an IMF delegation went into a sixth day of discussions on the last tranche of a $2.6 billion loan.

"The highest trade was done at 133.60 to the dollar, though we saw only thin volume," a currency dealer said. "We didn't see intervention from the state banks or the central bank. Probably, their hands are tied due to the ongoing discussions with the IMF."

Four dealers confirmed the rupee trading at 133.60, breaking the previous record of 133.00 reached on April 25.

The IMF review team held talks with top central bank and government officials on how the $59 billion economy is performing.

The IMF, which has long pressed the central bank to allow flexibility in the rupee exchange rate, is expected to release the last tranche of the loan - about $420 million - if it is satisfied with that performance.

The currency has depreciated 17.5 percent since Nov. 21, when the government allowed a 3 percent devaluation

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Comments - 28

raj Tuesday, 12 June 2012 10:17 AM

we import way more than we export, how are we going to cover the gap ( the trade balance deficit) ?

Shiva Wednesday, 13 June 2012 05:39 AM

lets Eat ALA BATHALA..:)

ahamed Wednesday, 13 June 2012 03:53 AM

Send cabral home
he knows anything about economy?
His audit firm is working or closed?

mohan Wednesday, 13 June 2012 02:12 AM

Cabral said today wait till September :p

John Tuesday, 12 June 2012 02:18 PM

Do you STILL believe Cabraal?

KPR Tuesday, 12 June 2012 01:36 PM

Sri Lanka has to learn to live within its means. You need to spend according to what you earn. Importing fancy goods won't help the economy. It is ok to import capitol goods such as machinery for farming and manufacturing .But look at the cars on the Sri lankan roads? True these are privately owned. But all these cost valuable dollars to import.

modawansa Tuesday, 12 June 2012 01:34 PM

I really hope you are being sarcastic

Dinesh Tuesday, 12 June 2012 01:26 PM

this is no good.....govt needs to take some action

Gune Tuesday, 12 June 2012 12:14 PM

Please arrane some Carlton Events, that is what Sri lanken People wannt.

wimal Tuesday, 12 June 2012 12:03 PM

Good news. Tax all those who work outside of the country. They earn lot of money. Housemaid salary is more than the office workers salary in Sri_lanka.

podilamaya Tuesday, 12 June 2012 11:33 AM

MORE TO COME........be careful when you give money to beggars they might not accept SL currency anymore.......

kulendran Tuesday, 12 June 2012 11:30 AM

early response fuel price will go up.........

Jehan Tuesday, 12 June 2012 11:01 AM

Here we go again, now the poor people will have to suffer industries will further affected Finance people will crack their brains to secure profits

RAJU Tuesday, 12 June 2012 10:45 AM

MORE TO FALL IN THE COMMING DAYS.

malasekara Tuesday, 12 June 2012 07:57 AM

mala john

achtung Tuesday, 12 June 2012 10:08 AM

yay i have some dollars with me !!!

muhara Tuesday, 12 June 2012 10:00 AM

Agreed...The 150 mark should have reached a couple of years ago...Hope sanity prevails

UAE Tuesday, 12 June 2012 09:56 AM

We are tired of that rubish

Aiyanayaka Tuesday, 12 June 2012 09:31 AM

Over to you Mr Cabraal..say something..

fact u fact u Tuesday, 12 June 2012 09:30 AM

that`s after receiving $ 500 millions not now.

Mohamed Jihaddeen Tuesday, 12 June 2012 09:31 AM

Good Luck SL...
now the time for increase the TAX

bandaragoda Tuesday, 12 June 2012 09:07 AM

looks like miracle of asia come true

ahmed Tuesday, 12 June 2012 08:38 AM

Tsunami!!!

politico Tuesday, 12 June 2012 08:35 AM

ok. here comes IMF and expect another self devaluation or depreciation or revaluation (whatever term). Better set the Rupee at 150 once and for all and have some sort of stability. otherwise This is'nt good for any business.

Imran Hussein Tuesday, 12 June 2012 08:28 AM

SL rupee keep breaking its own record

gune Tuesday, 12 June 2012 08:31 AM

Imports will COST more and exports will EARN more ????

citizen silva Tuesday, 12 June 2012 08:23 AM

wasnt it supposed to be stable at 125?

shantha madawelas Tuesday, 12 June 2012 08:17 AM

not enough.......

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SL rupee hits record low

Comments - 28

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