Sri Lanka Rupee Goes from Asia’s Best to Worst in Three Weeks

The Lanka rupee is down 6% in July vs 19% gain in the first half

Rupee may fall further to 355/USD by the end of the year: Natixis

July 24, 2023 The Sri Lankan rupee has turned into Asia’s worst-performing currency from being the best in the first half of the year, and is poised to extend losses amid headwinds from interest-rate cuts and loosening of import controls.

The currency has tumbled more than 6% this month as it fell a 14th day on Monday, on track for its longest daily losing streak in almost five years. That’s a stark reversal from its stellar performance in the first six months of this year, when the rupee was Asia’s top performer with a 19% advance. The currency may further weaken by 8% by year-end, according to Natixis SA.