Sri Lanka bank selling rate for US dollar breaches 150.50 rupees

ECONOMYNEXT – The selling rate for US dollar telegraphic transfers by banks in Colombo fell to 154.54 rupees on Wednesday, down from 149.54 a day earlier, breaching 150 rupees for retail buyers.

Central Bank data showed that banks were buying TT dollar for 146.52 rupees, a spread of 4 rupees, according to central bank data, indicative of the uncertainty in markets.

Banks typically charge another 1 percent fee to process bank drafts or notes.

In the kerb market the spread is narrower.

Sri Lanka’s central bank began to undermine the rupee with a rate cut in April and monetized large volumes of debt to drive up private credit as budgets deteriorated.

In the interbank market spot-next dollars (settlement three days later) was 149.30/40 to the US dollar by mid-day.

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