Sri Lankan Rupee continues to depreciate
April 4, 2022 04:50 pm
The Sri Lankan Rupee has further depreciated against the US Dollar, based on the latest exchange rates announced by the Central Bank of Sri Lanka (CBSL).
The central bank today declared the buying rate of the US Dollar as Rs. 289.72 while the selling rate is Rs. 299.99 against the dollar.
According to central bank data, during the year up to 01 April 2022, the rupee recorded a depreciation of 33.0 per cent against the US dollar.
As the Central Bank allowed greater flexibility in the exchange rate, a notable upward adjustment in the exchange rate is observed since March 2022, it said.
In the first two months of 2022, the Sri Lankan rupee was kept broadly stable, but it depreciated substantially thereafter, as a result of the Central Bank decision to allow greater flexibility in the determination of the exchange rate in first week of March 2022.
Meanwhile, reflecting cross-currency movements, the Sri Lanka rupee depreciated against the euro, the pound sterling, the Japanese yen, the Australian dollar and, the Indian rupee during the year up to 01 April 2022.
