Sri Lanka mkt surprised by rupee band adjustment

The Sri Lankan central bank's third one-off adjustment of the rupee trading band Monday - amid rocketing import costs - took the markets by surprise once again. The central bank said the adjustment was meant to raise market flexibility, help contain the trade deficit and lift depleting foreign exchange reserves.

The central bank added that it was looking at moving towards allowing a free float of the local currency within one year. "Based on our experiences of floating within the band we will

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