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A
decision by the central bank of Sri Lanka to no longer determine the exchange
rate of the national currency, the rupee, has been followed by its fall in
value against the dollar of more than 3%
It was trading at a record low of 88 rupees to the dollar on
Tuesday.
The central bank said its decision was aimed at stabilising
the currency.
The move follows a series of devaluations and rising interest
rates.
Analysts say the rupee has been under severe
pressure since Sri Lanka increased defence spending by 40% last year.
Adapted from bbc.co.uk: 23 January, 2001
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