Sri Lankan Rupee starts to appreciate after drastic fall

Sri Lankan Rupee starts to appreciate after drastic fall

Sri Lankan Rupee starts to appreciate after drastic fall

Written by Lahiru Fernando

07 Oct, 2015 | 8:16 pm

The Sri Lankan rupee which depreciated drastically over the past few weeks, has once again begun to appreciate. According to the figures released by the Central Bank on Wednesday, one US dollar was valued at approximately 140 rupees and 50 cents.

With the decision taken by the Central Bank of Sri Lanka on September 4, to float the value of the Sri Lankan rupee, the value of the rupee depreciated drastically.

The exchange rate of the Sri Lankan rupee to the US Dollar, which stood near the 136 mark, rose to 141 rupees to a dollar. Industry analysts point out that the rupee has started to appreciate a result of commercial banks selling US Dollars.

Analysts also point out that another reason for the rupee to appreciate may be an outcome of the Prime Minister’s current tour of Japan, where 380 Million US Dollars was pledged to help develop basic infrastructure facilities in Sri Lanka.

 

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