NEW DELHI -- Sri Lanka, which has loaded up on Chinese-funded infrastructure, is sinking deeper into a debt trap as its currency weakens and economic growth decelerates to its slowest pace in 16 years.
The Sri Lankan rupee has depreciated 3% against the greenback this year to 157.4628 per dollar, according to forex data that the country's central bank tracked on Friday. It is at its weakest point ever and has softened nearly 20% since President Maithripala Sirisena took office in January 2015.
