Reply To:
Name - Reply Comment
Last Updated : 2024-05-11 19:20:00
The Sri Lankan rupee has depreciated by an unprecedented 44.3 percent against the US dollar as of yesterday, following the sudden decision taken by the previous Central Bank administration to float the currency on March 7.
The Central Bank noted that rupee which was kept fixed around Rs.202-203 per US dollar till early March had recorded a substantial decline following the decision to let it go by former Central Bank Governor Ajith Nivard Cabraal.
“The subsequent market adjustment due to heightened pressure in the domestic foreign exchange market resulted in an overshooting of the exchange rate.
Accordingly,during the year up to 12 May 2022, the rupee recorded a depreciation of 44.3 percent against the US dollar,” the Central Bank said.
Meanwhile, reflecting cross-currency movements, the Sri Lanka rupee also depreciated against the euro, the pound sterling, the Japanese yen, the Australian dollar, and the Indian rupee by 40.1 percent,38.6 percent 37.2 percent, 41.8 percent and 42.1 percent, respectively as at May 12.
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
US authorities are currently reviewing the manifest of every cargo aboard MV
On March 26, a couple arriving from Thailand was arrested with 88 live animal
According to villagers from Naula-Moragolla out of 105 families 80 can afford
Is the situation in Sri Lanka so grim that locals harbour hope that they coul
11 May 2024
11 May 2024
10 May 2024
09 May 2024
09 May 2024