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Sri Lanka calls for global coalition to tackle rising dollar
From Agence France-Presse
via Arab News, Riyadh, Saudi Arabia
Tuesday, October 23, 2018
COLOMBO, Sri Lanka -- Sri Lanka on Tuesday called for a "coalition of the willing" to help stabilize free-falling emerging market currencies around the globe, as the beleaguered rupee slumped to fresh lows.
The island's currency bottomed out at a record-low 174.12 rupees to the dollar, resisting a slew of measures by policymakers to arrest its steady decline.
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The rupee has shed more than 12 percent of its value this year and Sri Lanka fears it could slide further as U.S. sanctions squeeze Iran, the island's chief source of oil.
A stronger dollar has made it difficult for emerging markets to repay debts and battered global currencies from Turkey to India and Argentina.
Finance Minister Mangala Samaraweera invited those nations experiencing currency crises to visit Colombo and hash out a strategy. ...
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