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Rupee ends weaker despite Ranil’s return

Sri Lanka’s rupee continued to fall this week, as the fallout from Colombo’s political crisis continued to dent sentiment, reports Reuters.

“Political paralysis remained the main concern for investors,” added Reuters, who reported that dealers also pointed to a delay in appointing cabinet ministers contributing to the weakening rupee.

The fall comes despite the reappointment of Ranil Wickremesinghe as Sri Lanka’s prime minister, after almost two months of political turmoil which saw the dissolution of parliament, widespread reports of bribery and parliamentary violence.

The crisis resulted in a declining rupee, downgrading of the country's sovereign by credit agencies and a suspension of international funds.