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Importers' lack of confidence further dented the Sri Lankan Rupee (LKR), and it fell to a new low of 132.90 against the dollar, traders said. It had scaled a record low of 132.20 against the dollar only on Tuesday.
The LKR opened this morning at 130.46 and slipped as the day went by. The previous low was 131.60, which the LKR hit on March 19. When the Sri Lankan Central Bank stopped propping up the LKR, on February 9, it stood at 113 versus the dollar. It breached the 130 mark just before the Sri Lankan and Tamil New Year, but gained ground and was hovering around the 125 mark – which the Treasury department had said – was the figure where the LKR will stabilize. But pressure on LKR had begun early on Monday. It did not help that the Bank decided against supplying dollars to help import oil.
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