Sri Lankan currency appreciatesfurther
Sri Lankan rupee has continued to appreciate against the USD since receiving IMF approval on 20 March 2023. USD buying has reduced Rs. 312.61 today (22 March) and selling rate has reduced to 330.16 according to the CBSL. In comparison last month on 22 February the buying rate of USD was at Rs. 339.35 and the selling rate was at Rs. 368.60. [These rates are according to the currencies quoted by commercial banks in Colombo for Telegrpah Transfers (TT)].
The exchange rates at commercial banks are reported today (22 March) are slightly lower, at Peoples Bank the buying rate is at Rs. 308 and the selling rate has dropped to Rs. 330. In Sampath bank the buying rate of USD has come down to Rs. 310 and selling rate to Rs. 325 today (22 March).
CBSL governor has also stated that the IMF loan facility will also assist in bringing down policy interest rates and ease the pressure on domestic rates.