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Lankan rupee appreciates 24.2% against US dollar

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During the year up to June 2, 2023, the Sri Lankan rupee appreciated against the US dollar by 24.2%. In addition, the Rupee also appreciated very strongly against the British Pound.

The Pound was sold at Rs. 449.67 a year ago and last Friday it was sold at 372.62 showing a huge dip. The Rupee appreciated by 19.4% against the Sterling Pound.

The US dollar a year ago was at 360.60 and last weekend it was 302.09.

Given the cross-currency exchange rate movements, the Sri Lankan rupee appreciated against the Japanese yen by 30.0%, the Euro by 23.0% and the Indian rupee by 23.5% during this period.

The governor Central Bank Dr. Nandalal Weerasinghe said that they allowed the foreign exchange to be determined on a demand and supply basis and this was one factor for the rupee to be strong. “in addition, increased Foreign remittances growing through the official banking channels, additional tourist arrivals and receiving of forced funding also contributed to the appreciation of the rupee.”

He said that this positive trend is expected to continue.

Monday, June 5, 2023 – 01:00

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