Sri Lankan Rupee hits new low against US$

COLOMBO (News 1^st) - The Sri Lankan rupee hit a new low today (25th April) as the selling price against the US dollar hit 159.0445. The announcement was made by the Central Bank of Sri Lanka (CBSL) a short while ago.

Due to the current trend of the Sri Lankan rupee concerns have been raised by economic experts about the possible increase in prices of imported goods including essential food items. According to Senior Lecturer at Wayamba University, Aminda Methsila, prices of gas, milk powder, dhal and other commodities could double due to the current performance of the Rupee. He notes that the Government could decide to absorb the impact of this but would result in a great loss being borne by the Government.

Commenting on the performance of the Ruppe, Professor Sirimal Abeyratne of the Colombo University noted that the Sri Lanka will have to pay a greater sum of money in-order to settle the foreign debts.