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Monday June 27th, 2022

Sri Lanka rupee official rate falls to Rs229 to US dollar, a historic low

ECONOMYNEXT- Sri Lanka’s rupee selling rate fell to a historic low of 229.99 to the US dollar according to indicative rates quoted by the central bank after the rupee was allowed to fall to 230 to the US dollar on March 08.

The central bank quoted an indicative buying rate of 225.2 and selling rate of 229.99 for the US dollar for March 08.

Commercial Banks were quoting a buying rate of 225.5 to the US dollar and 230 to dollar for telegraphic transfers.

The rate of Euro was around 246.5/257.6 rupees.

Central Bank Governor Nivard Cabraal said the rupee has been allowed to fall giving ‘guidance’ at 230 to the US dollar but a float failed to take hold on the first day.

There were no two way quotes in the spot market and forex market continued to be dysfunctional.

Former Deputy Governor W A Wijewardena warned that without a floating exchange rate, forex problems cannot be solved.
(Colombo/Mar09/2022)

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