The Sri Lankan rupee hit a record low on Monday as banks and importers purchased the US dollar, while stocks edge up from their nearly five-year closing low hit in the previous session. The rupee dropped 0.4 percent to an all-time low of 172.50 per dollar, surpassing its previous low of 171.80 hit on Friday, mainly due to importer demand for the greenback, market sources said.
The rupee ended at 172.40/60 per dollar, compared with its previous close of 171.60/80. Sri Lanka has selected China Development Bank for an eight-year $1 billion syndicated loan, the South Asian country's central bank said.
The central bank surprised financial markets on October 2 by leaving its key policy rates unchanged despite heavy pressure on the rupee and foreign outflows from government securities. The rupee has weakened 2 percent so far this month after a 4.7 percent drop in September against the dollar. It dropped 12.4 percent so far this year.
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