Sri Lankan rupee demonstrates notable appreciation against USD in recent months

Sri Lankan rupee demonstrates notable appreciation against USD in recent monthsMay 29, 2023

Colombo, May 29 (IANS) The Central Bank of Sri Lanka said the local rupee (LKR) demonstrated a notable appreciation of 19.8 per cent against the US dollar during the year up to May 26.

The Sri Lankan rupee also experienced significant appreciation against various currencies during this timeframe as well, Xinhua news agency reported citing the bank’s.

The LKR appreciated 26.4 per cent against the Japanese yen, 17 per cent against the British pound, 18.9 per cent against the euro, and 19.7 per cent against the Indian rupee.

The LKR depreciated dramatically from 202 per dollar in March 2022 to around 360 after the government allowed it to float.

The Sri Lankan rupee, however, has been appreciating in the last few months.

The Central Bank had recently announced that the economy has stabilised following the worst-ever crisis and the interest rates will be reduced by the last quarter of the year.

–IANS

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