Sri Lanka rupee depreciates
View(s):Two market-moving and business-impact-related developments were seen in Sri Lanka this week with drama, both in the stock market and the money markets, in Colombo.
The Rupee slumped to 310 per dollar from 306 due to unprecedented demand for dollars and a shortage in the market. Gold prices were also rising owing to global political and economic uncertainties. Dealers were tight-lipped about who or which institution was buying dollars in the market and pushing the demand for the US currency.
They said the demand for dollars will also rise when reconstruction happens for post-Cyclone Ditwah work as imports of construction material grow.
The ‘antics’ in the stock market is addressed in a connected story on this page.
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