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Sunday June 26th, 2022

Sri Lanka rupee at 364 to TT dollar, guidance rate at Rs359.47

ECONOMYNEXT – Sri Lanka’s commercial banks quoted the rupee at 364 against telegraphic transfers on Thursday (20) while the central bank set a daily guidance rate for interbank spot trade at 359.47 plus or minus 2.50.

Commercial banks were quoting 354/364 for telegraphic transfer dollars on Friday, remaining unchanged from Wednesday.

On Thursday the guidance rate was quoted at 359.55.

In the kerb market the dollars was at 370/373 to the US dollars on Friday down from 295 at the beginning of the week.

Banks could quote 2.50 rupees plus or minus under the new direction and the rate is set below the market rates.

The central bank in its monthly policy review on Thursday said anyone holding more than 10,000 dollars in hand without surrendering within a given period of time will be charged.

The central bank stopped quoting day rates on January 23 when the rupee was floated with an interest rate correction after the soft peg collapsed, amid a war. In 2021 and the central bank also started enforcing a rate incompatible with the policy rate at around 203 to the US dollar.

The central bank from August 2021 to April has hiked rates by almost 9 percent and in April alone the rates were hiked by 7 percent.
(Colombo/May20/2022)

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