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Sri Lankan rupee falls on uncertainty amid foreign outflow; stocks at near 2-wk low

The Sri Lankan rupee ended weaker on Thursday (08) as outflows from government securities and stocks due to political uncertainty raised dollar demand.

Stocks fell for the fourth straight session, hitting its near two-week closing low and moving further away from their near two-month closing high hit last week, as the political crisis dented sentiment after the speaker of parliament said on Monday he would not recognise President Maithripala Sirisena's sacking of Ranil Wickremesinghe as prime minister and appointment of Mahinda Rajapaksa in his place. 

The bond market saw an outflow of about LKR 11 billion between Oct. 25-31, Central Bank data showed. 

This year, Sri Lanka has seen LKR 16.6 billion rupees in outflows from stocks and LKR 100.8 billion from government securities, Bourse and Central Bank data respectively showed. (Reuters)

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