Rupee depreciates against the dollar due to COVID-19

Sri Lanka rupee vs US dollar

The Sri Lanka Rupee depreciated against the dollar to its lowest this year yesterday due to the impact of the coronavirus.

According to the daily exchange rates issued by the Central Bank of Sri Lanka, the US dollar was selling at Rs.181.21 and buying at Rs.185.08 yesterday.

The Central Bank said the rupee depreciated by 0.6 percent over the US dollar from the 1st of January to the 13th of March this year.

Meanwhile, The Department of Census and Statistics says the index of industrial production has decreased by 0.6% in the month of January 2020 compared to the same month in 2019.

The index of industrial production reported for the month of January 2020 and 2019 were 108.1 and 108.8 respectively.

The IIP is an index which details out the growth of sub sectors of the industry sector in a given period of time.

It reveals short term changes of volume of production of the industrial sector.

The Department of Census and Statistics compiles number of economic indicators including IIP.

Government as well as industries use these indicators to understand the trends and patterns in Sri Lankan economy, identify the drivers of economic growth, evaluate economic performance and for the formulation and assessment of economic policies.

(Source: News Radio)