The US dollar has fallen below 300 Sri Lankan rupees for the first time since June 2023, with a selling rate of 299.35 rupees reported on Wednesday.
The Central Bank attributed this drop to increased foreign currency inflows.
As a result, the rupee appreciated by 8.2 per cent against the dollar by the end of September 2024.
In a notable change, the US dollar has fallen below 300 Sri Lankan rupees for the first time since June 2023.
On Wednesday, reports from Sri Lanka’s financial press revealed that the selling rate for the dollar was 299.35 rupees.
Meanwhile, the buying rate stood at 290.30 rupees.
This news brought a sense of optimism to many Sri Lankans.
The Central Bank of Sri Lanka has been closely monitoring these changes.
They have attributed the rupee’s recent appreciation to a notable increase in foreign currency inflows, which have outpaced outflows
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This development has allowed the rupee to gain strength against the dollar, reflecting the efforts made to stabilise the economy.
In a report released on Monday, the central bank highlighted that the rupee recorded an appreciation for September 2024.
The report emphasised an overall trend of strengthening throughout the year, marking a positive turnaround for the local currency.
By the end of September 2024, the Sri Lankan rupee had appreciated by an impressive 8.2 percent against the US dollar.
This significant increase signals both the currency’s resilience and the central bank’s effective measures to enhance economic stability.
As the country navigates its recovery, the strengthening rupee offers a glimmer of hope for consumers and investors alike.
Lower exchange rates could lead to decreased prices for imports, benefiting everyday life for many Sri Lankans.
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