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Sri Lanka’s Rupee leads emerging markets in 1st quarter of 2024

13 April 2024 12:09 pm - 39     - {{hitsCtrl.values.hits}}

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Colombo, April 13 - Sri Lanka's Rupee (LKR) has distinguished itself as the top-performing currency among emerging markets in the first quarter of 2024, said the President’s Media Division based on Bloomberg market data.

With an impressive spot return exceeding 7%, the LKR has surpassed its counterparts, showcasing resilience and strength in the global currency landscape, the PMD added.


  Comments - 39

  • Raven Saturday, 13 April 2024 12:43 PM

    Ranil's miracle in motion. More to follow.

    SL still Bankrupt - So much Unpaid Loans Sunday, 14 April 2024 06:59 AM

    Yes, his Election gimmick. SL still bankrupt with USD60 Billion in loans not paid. Interest is mounting on these loans plus his government’s high monthly expenses is making the LKR rupee so worthless.

    Concerned Sunday, 14 April 2024 10:09 AM

    Please Mr. President you are loosing the little credibility you were left with after the CB bond scam, if you release these kind of statements. You know very well that the factors which led to a 7% increase on paper have absolutely no connection with factors that represents “resilience and strength in the global currency landscape”. You are just trying to hoodwink the general public.

    Bandu Saturday, 13 April 2024 12:46 PM

    Let rupee float freely, then will see the exchange rate. Black market rate is much higher than official rate.

    Serasinghe Sunday, 14 April 2024 03:11 AM

    Exactly, Pre-Mature patting on their backs when there is a mountain of debt that still needs urgent settlement!

    Gh Sunday, 14 April 2024 02:46 PM

    Now the rupee is floating freely. It is not pegged down now unlike the previous govt. Some people just can"t face reality. Sad.

    Sokrates Saturday, 13 April 2024 01:22 PM

    What a joke "...(The LKR) showcasing resilience and strength in the global currency landscape..." Since when has the LKR been freely convertible on the world market? I don't think even Bloomberg would accept payments in rupees. The central bank can set the exchange rates completely freely without taking any economic facts into account. At the moment it is important for Ranil's election campaign that the rupee rises to make stupid people believe that the economy is on the upswing.

    Be Fair Saturday, 13 April 2024 02:02 PM

    "The LKR has surpassed its counterparts, showcasing resilience and strength in the global currency landscape" Economists must be looking for holes on how to laugh on such statements

    Dee Saturday, 13 April 2024 03:13 PM

    A future NPP government will knock it off the shelves!

    Lion Sunday, 14 April 2024 11:56 AM

    You are dreaming when the day today living is a nightmare and the strength of the rupee doesn’t reflect in the goods people buy for day today consumption such pronouncements are meaningless

    Voter Saturday, 13 April 2024 03:15 PM

    But ,we are yet to reap the benefits.

    Arnold Sunday, 14 April 2024 07:12 PM

    10% makes hardly any difference given the phenomenal raise in taxes.

    Freddy Flintstone Saturday, 13 April 2024 03:28 PM

    Not true. The Central Bank just manipulates the Rupee rate. And that is very easy, as there is no market on the entire planet for the SL Rupee. Nobody seems to know this.

    Matta Sunday, 14 April 2024 03:01 PM

    A man from stone age comenting on economics.

    Presidents idiotic media devision Saturday, 13 April 2024 03:53 PM

    Who comes up with this nonsensical rubbish? When we are forced to pay back the debt the rupee will slide to unthinkable depths.

    Morons logic Saturday, 13 April 2024 03:56 PM

    Who are the counterparts? Burundi and Malawi?

    Nimal Sunday, 14 April 2024 07:17 AM

    You made everyone laugh!

    Gajaman Saturday, 13 April 2024 04:30 PM

    April folks day was 12 days ago!

    A Warning to any would be despot? Saturday, 13 April 2024 04:45 PM

    Was Aragalay a reason for this development? I mean the courage of our youngsters to chase away a despot from his seat. They did it so bravely, that the despot had to shuttle between several countries seeking refuge! May be this courage give confidence to other countries on Lanka's ability for self cure!

    Meeya Saturday, 13 April 2024 04:56 PM

    High time for the two pretenders, Sajith

    nadarajah Saturday, 13 April 2024 05:14 PM

    what a foolish conclusion to make -by defaulting the foreign currency loan repayments obviously the slrs has to appreciate .

    Gota Rajapakse Saturday, 13 April 2024 05:58 PM

    I am delighted to hear the news. The people should wait patiently for few more years. I am sure our country will get back to normal. However, we need regime change. Ranil should go. We need a new leader.

    Bushel Saturday, 13 April 2024 09:47 PM

    Shameless..... The Notorious bankrupt country for loan default and boasting on rupee.

    Acabraal Saturday, 13 April 2024 09:58 PM

    How stupid or gullible does the PMD think their audience is? When demand for dollars in kept low by restricting imports and not paying US$60 billion in debt obligations, no wonder the LKR appears to be strengthening as there is little demand for dollars!

    Jude Sunday, 14 April 2024 12:55 AM

    Here's why rupee appreciating!!! The demand for DOLLAR is at very low ebb. Because imports are curtailed. And government haven't repaid any loans or any debt for last 3 years. Moment the government start repayment of Debt then the dollar gonna explode yeah the rupee will depreciate once again!! I reiterate, SL economy is an Illusion!!!

    Financier Sunday, 14 April 2024 02:04 AM

    This is artificial manipulation before the elections. No one abroad has heard about Sri Lankan rupees. Will it free float? Definitely not. However 6.9 will believe it.

    Stanlislaus Sunday, 14 April 2024 02:18 AM

    Yes 21st Century Miracle. This happen when commodity prices are going up All Economic theories all falling apart

    ignatius Sunday, 14 April 2024 05:08 AM

    GO RANIL. WE HAVE FAITH IN YOU. YOU CAN RAISE THAT COUNTRY TO WHAT IT WAS. I AM COMING NEXT YEAR. WOULD LIKE TO SEE HAPPY PEOPLE.

    Patriot Sunday, 14 April 2024 06:15 AM

    Only Ranil can

    Reformist Sunday, 14 April 2024 07:22 AM

    Wait till the start of the US$ 60b debt repayments and release of numerous import restrictions currently in place. Along with that, let the Rupee float freely on the market without restrictions and you will then see the real value of this thing called Rupeeeee.

    Dan Sunday, 14 April 2024 09:17 AM

    Start paying back the debts

    Cisco Sunday, 14 April 2024 09:56 AM

    I have doubt about these so called rating agency. As there is no export increased or FDI very recently how this is happened. Once SL government start to repay the debt and float the rupee true colour will appear.

    R FA Perera Sunday, 14 April 2024 12:33 PM

    We need growth in both investments and consumption which affect demand for both rupees and dollars.Check banking sector lending to private sector both rupees and dollar which in turn affects demand for dollar .As private consumption and investments are at lower level , less demand for rupees and dollar by people and businesses have reduced demand for dollars apart from non payments of bilateral loan sovereign loans bought by private and financial institutions and interest payments. What we need is growth of economy which results in high income for peoples , rising revenue for government in tax revenues, for increasing public expenses in particular on health education housing and rural infrastructure development. we experience opposite with rising taxes cutting down on expenses on social sector and rural infrastructure. Natural causes of rising rupees value are demand for foreign buying of our good and services and their investments in our country if not we fixed values artificial

    ANOTHER ELECTION WHITEWASH BY PRESIDENT'S MEDIA. PITY THEY DO NOT HAVE A POLITICAL MEDIA REPORTER LIKE ANDREW PROBON EX ABC/AUSTRALIA. Sunday, 14 April 2024 12:52 PM

    WHAT A JOKE INFLATING THE SRI LANKA RUPEE IS A JOKE AND HAS BEEN MANIPULATED BY THE CENTRAL BANK. WHICH COUNTRY ACCEPTS OUR RUPEE CURRENCY INPORT TRADE AND AS FAR AS i KNOW OUR RUPEE IS NOT WORTH THE PAPER IT IS PRINTED ON OUTSIDE SRI LANKA. THE MAJORITY OF CITIZENS CANNOT AND WILLNOT BE DUPED INTO VOTING FOR THE SLPP AND OR RANIL, THEY HAVE HAD A GUT FULL OF A PRESIDENT ELECTED BY GOTA APPEARS TO HAVE BEEN GIVEN THE APPOINTMENT ON SOME CONDITIONS "TAKE THE COUNTRY INTO THE FUTURE AND ERASE THE PAST WHICH IS HISTORY", THIS IS WHY RANIL HAS SWEPT THE MAIN CAUSE OF COUNTRY'S DOWNFALL UNDER THE CARPET.

    roobarbie Sunday, 14 April 2024 02:44 PM

    Someone at high places spreading misinformation. Rupee is a useless currency. It is only good for internal transactions.

    navratne willamune Sunday, 14 April 2024 03:12 PM

    Many people dont realize that this is a western governments lead programme to get RANIL re -elected,so that the western embassys have a free hand interfearing in internal affairs of the country.former ambasdor Julie Chung is being replaced by a new one after doing the dirty work during the recent uprising.unfortunately govertment departments too have no clue whats going on

    Cherath Sunday, 14 April 2024 03:19 PM

    Entirely and wholesome misleading information. Check the BUYING POWER of the SL Rupee now with what it was at least 2 years ago,

    PUFF BLUFF THE MAGIC DRAGON Sunday, 14 April 2024 06:57 PM

    OUR CURRENCY IS WORTHLESS OUT OF THE COUNTRY, SIMPLY INFLATING THE VALUE OF OUR CURRENCY TO SATISFY SOME VOTERS.

    Alfred R Niles. Sunday, 14 April 2024 07:24 PM

    Please start to repay the amount of credits. Can see the reality.


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