Sri Lanka rupee plunges to world’s worst

ECONOMYNEXT – 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, Financial Times, a UK-based newspaper reported.

In a report published Wednesday afternoon Sri Lanka time, the newspaper said the rupee was hovering near 300 per US dollar on Wednesday, down 32 per cent year to date and lagging even Russia’s rouble, after Rajapaksa ended emergency rule just days after it was imposed.

The rupee collapsed from around 200 to 300 to the US dollar after an attempt was made float the currency with a surrender requirement, which made it a peg under severe pressure.

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