RTRS:Sri Lanka to devalue rupee by 3 pct from Tuesday-cbank
Nov 21 (Reuters) - Sri Lanka will devalue its rupee currency by 3 percent with effect from Tuesday and will not cut the exchange rate any further in the immediate future, Central Bank Governor Ajith Nivard Cabraal said on Monday.
"We'll depreciate by 3 percent tomorrow and that will be that. We will not do any more than 3 percent, because there is too much speculation. If we had allowed it to move down on its own, people would have been speculating. So now they know where we will have stopped," Cabraal told Reuters.
Sri Lankan President Mahinda Rajapaksa on Monday proposed the devaluation to help exporters and cut import costs, while giving his 2012 budget presentation to parliament in his capacity as finance minister. (Reporting by Bryson Hull; Editing by Shihar Aneez)
