September 6, 2018 / 7:47 AM / in 7 months

Sri Lankan rupee slide continues, hits fresh low

COLOMBO, Sept 6 (Reuters) - The Sri Lankan rupee fell for a 13th straight session on Thursday and hit a fresh low, hurt by stronger demand for the dollar from importers amid weakness in regional currencies.

The Sri Lankan rupee hit 162.63 per dollar while the Indian rupee fell to 72 to the dollar on Thursday as fears of contagion from Argentina and other emerging markets kept investors on edge.

“The demand was there today and the regional currencies are also under pressure. The Indian rupee also crossed the 72. Until the dollar rally is over we will see the same trend of depreciation here also,” said a dealer who requested anonymity.

“There was not much of inflows”.

Junior finance minister Eran Wickremaratne on Tuesday told Reuters that Sri Lanka will not intervene in the foreign exchange market and the government will leave the level of the rupee for market forces to decide.

The currency has so far weakened 0.7 percent this month, following a 1.2 percent decline last month. It has dropped 5.9 percent this year and closed at 162.20/30 per dollar on Wednesday. (Reporting by Ranga Sirilal and Shihar Aneez; Editing by Vyas Mohan)

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