May 3, 2018 / 9:23 AM / 9 months ago

Sri Lanka's rupee will stabilise, says top official

COLOMBO, May 3 (Reuters) - Sri Lanka’s rupee currency will stabilise and the central bank will intervene to smoothen high volatility as there is no reason for a weaker currency, the central bank’s Senior Deputy Governor Nandalal Weerasinghe said on Thursday.

The rupee hit a new record low of 157.90 per dollar on Wednesday. It hit all-time lows in five straight sessions last week.

“I don’t see any fundamental reason why the currency is so volatile within a very short period of time. It is too much volatility within too short a period,” Weerasinghe told Reuters in an interview.

“All the fundamental economic factors are in favour of a stable currency. If there is too much volatility, we will intervene. There is no specific rate that we are intervening.” (Reporting by Shihar Aneez Editing by Jacqueline Wong)

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