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Election results send Sri Lankan rupee to record low

Sri Lanka’s rupee hit a record low on Monday after local government election results from the weekend filtered through, showing former Sri Lankan president Mahinda Rajapaksa’s party achieving a significant victory.

The rupee traded at a record low of 155.00 on Monday, ending at 154.95/155.05 per dollar on Monday. Reuters reported that it also surpassed its previous all-time closing low of 154.60/70 hit on Tuesday.

Reuters also quoted a currency dealer as stating, “there were selling on (treasury) bonds by foreigners due to the political uncertainty and also the EU listing of Sri Lanka on a money laundering blacklist”.

Meanwhile, the Colombo Stock Exchange index also fell 0.37 percent at the close.

See more from Reuters here.