Last Updated : 2019-01-22 16:20:44

Apps Advertising Home Delivery Feedback

Minister Mangala Samaraweera correct on rupee appreciation

11 April 2019 12:01 am - 0     - {{hitsCtrl.values.hits}}


On 13 March 2019, the Daily News reported that Minister of Finance Mangala Samaraweera made the following statement on 12 March. “During the past 2 months, the rupee has appreciated by 2.5%.” In Sri Lanka, the public and media discourse on the value of the rupee is confined to its movement against the US dollar. On 1 January, the Spot Exchange Rate (rupees per USD) as reported by the Central Bank of Sri Lanka was Rs. 182.9113. On 11 March it was Rs. 178.3794. This is a 2.5% appreciation of the rupee against the US dollar.

However, exchange rates are volatile. Therefore, we also checked whether the thrust of the statement was more broadly correct in terms of the overall trend in the movement of the rupee, instead of being correct just for specific dates. Exhibit 1 shows the fluctuations of the Spot Exchange Rate from 1 January to 10 April. It shows that while the appreciation has not followed a linear path, overall, the rupee has been appreciating, and has continued to appreciate even after the statement was made. The total year-to-date appreciation is 4.5%. 




Therefore, since the minister’s claim is correct for the (approximate) range of two months and also correctly reflects the broader trend in the appreciation of the rupee, we classify his statement as TRUE..


Source: CBSL, Spot Exchange Rates, available at:

FactCheck is a platform run by Verité Research. 
For comments, suggestions and feedback, please visit   

  Comments - 0

Add comment

Comments will be edited (grammar, spelling and slang) and authorized at the discretion of Daily Mirror online. The website also has the right not to publish selected comments.

Reply To:

Name - Reply Comment

Singling out of Rishad Bathiudeen as a political target

The orchestrated political campaign by the Mahinda Rajapaksa-led opposition i

TWISTS AND TURNS in the Dr. Shafi controversy

The sterilization charges against Dr. Seigu Shihabdeen Mohamed Shafi from the

Islamic State in Iraq and Syria (ISIS) An in-depth look at ISIS

As the people and Government of Sri Lanka reel with shock and grief in the wa

Mahela declines to be part of Sri Lankan team Management at cricket World Cup

Weeks after guiding Mumbai Indians to their fourth IPL title--his second in t