LKR remains 8% weaker against dollar

Sri Lanka’s rupee depreciation against the US dollar remained unchanged at 8 percent in the week ended June 26.

The rupee came under pressure in the recent months amid the rising import demand, strong credit growth and concerns over higher global oil prices linked to the tensions in the Middle East.

However, the latest Central Bank data showed the pace of depreciation holding steady even as the external conditions improved. 

The crude oil prices declined during the week after the supply concerns eased following the US-Iran peace agreement and reopening of the Strait of Hormuz.

The Brent crude prices fell by US $ 5.08 per barrel, while the WTI crude declined by US $ 4.96 per barrel.

Inflation accelerated to 5.4 percent in May, from 4.7 percent a month earlier.