November 14, 2018 / 4:41 AM / 6 months ago

Sri Lanka rupee at record low of 176.30 to the dollar

COLOMBO, Nov 14 (Reuters) - The Sri Lankan rupee fell to a fresh record low on Wednesday as political uncertainty deepened a day after the Supreme Court stayed President Maithripala Sirisena’s decision to sack parliament.

Market sources said the uncertainty overweighed the impact on the currency from central bank’s surprise policy rate hike on Wednesday.

The currency hit 176.30 versus the dollar. On Tuesday, it touched 176.15. It has fallen over 14 percent so far this year, Refinitiv Eikon data showed.

The sources said exporters were not converting dollars and that has resulted in lack of dollar liquidity in the market.

The Supreme Court on Tuesday suspended the presidential decree to dissolve parliament and hold elections.

Sirisena dissolved parliament on Friday night and called a general election for Jan. 5, drawing international criticism. (Reporting by Shihar Aneez; Editing by Richard Borsuk)

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