Sri Lankan Rupee depreciates against the US dollar
Posted by Editor on December 24, 2020 - 9:26 am
The selling rate of the Sri Lankan Rupee hit Rs. 193.05 against the US dollar today (24), central bank data show.
According to today’s Central Bank Exchange Rates, the buying rate of a US Dollar is Rs. 188.01.
These are the highest buying and selling rates reported locally for a US dollar since the 4th of May.
During the initial outbreak of COVID-19 in the country, the rupee had hit a record low of Rs. 200 in April, just two weeks after it started depreciating in March.
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Export side, Sri Lankan Rupee depreciation against the US $ is good, as the prices of export commodities will be competitive in the global market. Import side, not much of negative impact, as the restrictions on the imports of many luxury items ( including cars/ vehicles, etc) are already in place ! Overall, the situation looks under control but the printing of money continuously may become a concern sooner or later ?
A simple Google search says LKR will hit Rs 250 by June 2021 based on International Currency predictions in a Biden World.