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Sri Lanka’s Currency Plunges to World’s Worst-Performing – FT

The currency was hovering near 300 per US dollar on Wednesday, down 32% in the year to date and lagging behind even Russia’s rouble

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Sri Lanka rupee
Sri Lanka is facing a foreign exchange crisis as its government grapples with looming debt payments, widespread protests and an economic emergency. Photo: Reuters

 

Sri Lanka’s rupee has plunged to a record low to become the world’s worst-performing currency, as president Gotabaya Rajapaksa struggles to contain a worsening economic and political crisis, the Financial Times reported.

The currency was hovering near 300 per US dollar on Wednesday, down 32% in the year to date and lagging behind even Russia’s rouble, after Rajapaksa ended emergency rule just days after it was imposed.

Read the full report: Financial Times

 

READ MORE:

Rajapaksas Cling to Power as Sri Lanka Protests Spread

Sri Lanka Crisis Shows China’s Debt Trap – TimesNow

Sri Lankan Government in Disarray as Economic Crisis Deepens

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George Russell

George Russell is a freelance writer and editor based in Hong Kong who has lived in Asia since 1996. His work has been published in the Financial Times, The Wall Street Journal, Bloomberg, New York Post, Variety, Forbes and the South China Morning Post.

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