SL rupee drops below Rs 300 against USD

19 March 2024 02:32 pm - 29 - {{hitsCtrl.values.hits}}

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Colombo, March 19 (Daily Mirror) - The buying rate of the US Dollar has dropped below the Rs. 300 rate for the first time since July 2023, according to the Central Bank of Sri Lanka (CBSL).

According to the CSBL, the buying rate of the US Dollar has dropped to Rs. 299.29 today.

Meanwhile, the selling rate of the US Dollar has also reduced to Rs. 308.90 from yesterday’s rate of Rs. 309.67.

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Comments - 29

J Azoor Tuesday, 19 March 2024 02:48 PM

Wait till we start repaying all our debts. This will go on till the election day. Post election comes reality.

Sajith De Silva Tuesday, 19 March 2024 05:32 PM

It is most likely that we will build up our reserves by the time we start paying debts. Also restrictions on imports is a must until we increase our exports.

Raven Tuesday, 19 March 2024 06:17 PM

Debt repayment is expected only from 2028.

Sam Silva Tuesday, 19 March 2024 06:21 PM

Just enjoy until then and that's the only choice we have.

Piyal Tuesday, 19 March 2024 10:22 PM

A 5 year moratorium is being negotiated. So no capital repayments for 5 years. Gives breathing space to grow exportd and foreign exchange/remittances.

Nandana Tuesday, 26 March 2024 11:42 AM

It's a good chance for CBSL to increase Dollar reserves. CBSL is getting profits after buying government Treasury Bills etc. so they can invest that money to buy Dollars from the open market while keeping the exchange rate steady. Then we will have sufficient reserves to pay our debt when the moratorium was over.

Paramount to Cut Down Government Spending Tuesday, 19 March 2024 02:53 PM

Once the loans and outstanding debts start to be paid, rupee will free fall again. Government expenditure on defence, official salaries etc is greater than income received from export and taxes. Therefore paramount to cut down on expenses such as official perks, defence officers perks etc and be prudent as the common men has been accustomed too lately.

Sam Silva Tuesday, 19 March 2024 07:53 PM

As a rule our country will not pay the outstanding debts at present. It will be the future generation that will have to bear the cost.

Bahathiya Tuesday, 19 March 2024 02:57 PM

Lets buy dollar by September, by November we can become millionaires

Alan Tuesday, 19 March 2024 03:15 PM

I think Ranil has done well, jvp type can go on strikes and talk, when it comes to work , no brains. Print more money?

George Mather Friday, 29 March 2024 12:05 AM

Watch your words.JVP will do well.The only party that will put the robbers where they belong. People have just forgotten that aragalaya.Now they will bribe the innocent people and try to win votes.

Charlie Tuesday, 19 March 2024 03:23 PM

Its important that our current president and gov of CBSL at least portrays a cautious note about the situation of our economy. Very specially the fact that we have to spend more dollars than what we earn once we start paying back the loans. Giving a picture of recovery is once again misleading the citizens.

Gamini Tuesday, 19 March 2024 04:08 PM

After elections increase taxes to repay debts

Onluo Tuesday, 19 March 2024 04:10 PM

Sri Lanka is already one of the more expensive SE Asia countries for tourists. The stronger the rupee the less incentive for tourism which is bad for Sri Lanka. The weaker the rupee is bad for the common people of Sri Lanka as they cannot afford the basics.

Soyso Tuesday, 19 March 2024 04:14 PM

This is the godaya magic used for masses !!! USD 35 odd billion loan still not even started to settle. Government Income is currently through poor migrant workers remittances, high taxes and all possible squeeze to public. The CB is imagining their magic wand is doing the trick. Keep fooling most are ignorant and will not be bothered either.

Sokrates Tuesday, 19 March 2024 04:22 PM

Ranil should finally stop ordering the central bank to manipulate foreign exchange rates downwards in order to keep the people calm. This also keeps the inflation rate artificially low. However, this is absolutely counterproductive for the country's economy. This measure defrauds those who bring foreign exchange into the country, such as exporters, migrant workers and tourists, who receive far less than the true value for their foreign exchange. This is a different kind of looting as Ranil use it to win votes for his election. A free floating rupee is the fairest solution and the best for the economy.

Lankan Lover Tuesday, 19 March 2024 04:23 PM

Oh Yeah, Artificial fluctuation :D

Dharma Tuesday, 19 March 2024 06:10 PM

This is purely an economic subject. Demand and supply determine the price. Tourism and foreign remittance increased the foreign reserves while the restructuring mechanism with donors gave time to postpone the dollar loan repayment with interest. That is the reason for temporary appreciation of SLRS. Don't be jealous.

Anil Tuesday, 19 March 2024 06:31 PM

Is it correct to say Rupee drops against USD. In fact it increased.

dollar exchange rate cannot feed a family Tuesday, 19 March 2024 08:29 PM

Tell us better when the prices drop??!

Gunadasa Wednesday, 20 March 2024 02:18 PM

Fuel prices already dropped and it is available to buy. Can't you remember the petrol and LPG prices were higher when Dollar was at Rs 370?

Chess Tuesday, 19 March 2024 10:56 PM

Building reserves through more borrowings from IMF ADB WB like under yahapalana regime. ISB holders are watching the game carefully to make their next move

Pusa Wednesday, 20 March 2024 01:19 AM

This evening I got Rs 330 per U$D at Slave Island. You deserve to be screwed for using office channels! Long live Undial !!

last chance Wednesday, 20 March 2024 05:16 AM

If Ranil thinks that he can hoodwink masses by these gimmicks he is living in a fools paradise.

Jacki Gamage Wednesday, 20 March 2024 07:13 AM

Please anyone tell me how SL rupee gained its value, Sri Lanka’s imports supersedes the exports , how can that be possible for rupee to gain in value. This is all currency manipulation to show its people that Sri Lanka is doing well. Because the elections is in horizon, and this is a political gimmick. Don’t get caught to Ranil Rajapaksas gimmicks.

Jacki Gamage Wednesday, 20 March 2024 07:13 AM

Please anyone tell me how SL rupee gained its value, Sri Lanka’s imports supersedes the exports , how can that be possible for rupee to gain in value. This is all currency manipulation to show its people that Sri Lanka is doing well. Because the elections is in horizon, and this is a political gimmick. Don’t get caught to Ranil Rajapaksas gimmicks.

Citizen Wednesday, 20 March 2024 08:21 AM

Yet the prices of imported items are sky high. This is a strange country where rulers are ignorant and the public has way too high tolerance to living conditions.

Pytagoras Wednesday, 20 March 2024 10:33 AM

The SL Rupee is not tradable anywhere on this planet, you can only buy it in Sri Lanka. Therefore, there can not be any fluctuations in the rate, it is only a setup of the central Bank. No market, no price. CEB just fixes a price, that's it. According to the debt of this country and the economic possibility, and not paying back the loans, the Rupee should be arround 1000 against the USD.

Shera Wednesday, 20 March 2024 01:49 PM

Strange phenomenon. What has caused the LKR to become stronger? No one trades in LKR anymore. Even in Sri Lanka US dollars, pounds or Indian rupees are preferred and requested. Government transactions like dual citizenship fees are priced in dollars! LKR has lost it's integrity.

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SL rupee drops below Rs 300 against USD

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