Sri Lanka Halts Stock Trading, Rupee Extends Drop Amid Protests
(Bloomberg) -- Sri Lanka's stock market halted trading on Friday and the rupee extended its loss after protests against surging living costs and daily power cuts amid dwindling foreign-exchange reserves.
Equities trading was stopped after a 10% slide in the benchmark stock index. The rupee, which has become the world's worst-performing currency this year, fell 1.5% by 12:55 p.m. in Colombo, taking its loss this year to more than 30%
Read more: Inflation Protests Turn to Clashes at Sri Lanka President's Home
Hundreds of protesters clashed with police due to widespread anger over the country's economic crisis. Sri Lanka is seeking financial assistance from the International Monetary Fund.
©2022 Bloomberg L.P.
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