Sri Lankas ousted prime minister Ranil Wickremesinghe speaks during a media conference in Colombo on November 13, 2018. - Sri Lankas Supreme Court on November 13 overruled President Maithripala Sirisenas dissolution of parliament in a major boost to sacked prime minister Ranil Wickremesinghes fight to reclaim the post from an arch-rival. (Photo by - / AFP)
COLOMBO: Sri Lanka’s central bank unexpectedly raised its key policy rates yesterday, a move aimed at defending a faltering rupee currency as foreign capital outflows pick up amid a deepening political crisis and rising US interest rates.
Immediately after the tightening, however, the rupee dropped to a fresh record low of 176.30 against the dollar, underscoring growing pressure on the economy from political turmoil after President Maithripala Sirisena fired Prime Minister Ranil Wickremesinghe (pic) last month.
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