ER at its lowest at Rs 155.46

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By 2017-07-18

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By Paneetha Ameresekere

The average selling price of the exchange rate (ER) for telegraphic transfer (TT) among banks fell to its lowest value yesterday, declining by two cents (0.01%) to Rs 155.46 to the US dollar over its previous day's (Friday, 14 July) value due to political uncertainty and exporters holdings on to their proceeds due to their belief that there is room for the rupee to fall further, market sources told this reporter.

The market is illiquid, they said. Therefore there is room for the rupee to depreciate further, sources said.
Year on year to yesterday the ER has fallen by Rs 7.73 (5.23%), having closed on Friday, 15 July, 2016 at Rs 147.73 to the dollar, official data showed.

The second lowest value the ER has fallen to is Rs 155.44 to the dollar, which status quo prevailed on Tuesday (11 July) and again on Thursday and Friday.

As Sri Lanka is an import dependent economy, a weak rupee may cause inflationary pressure and therewith possible socio-political instability.




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