Lankan rupee ends year 19pc down

COLOMBO, Jan 1 (Reuters): The Sri Lankan rupee fell 19 per cent in 2018, making it one of the worst performing currencies in Asia, as heavy foreign outflows from government securities weighed on the local currency.

The rupee hit a record low for a seventh straight session on Monday on continued outflows of foreign funds mainly from government bonds as political uncertainty dented investor sentiment.

The rupee hit an all-time low of 183.00 against the US dollar in early trade, surpassing its previous record of 182.90 marked in the prior session, Refinitiv Eikon data showed.

It has weakened about 5.4 per cent since Sri Lanka's political crisis began on October 26, 2018, and lost 19 per cent last year.

The rupee ended at 182.80/183.00 per dollar, compared with 182.75/183.25 in the previous session.

President Maithripala Sirisena appointed the cabinet of ministers from his rival party on December 21 after he was forced to reinstate Ranil Wickremeinghe as prime minister, 51 days after he was sacked.