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.