Sri Lankan rupee demonstrates notable appreciation against USD in recent months-Xinhua

Sri Lankan rupee demonstrates notable appreciation against USD in recent months

Source: Xinhua

Editor: huaxia

2023-05-29 16:19:45

COLOMBO, May 29 (Xinhua) -- The Sri Lankan rupee demonstrated a notable appreciation of 19.8 percent against the U.S. dollar during the year up to May 26, according to latest statistics of Central Bank of Sri Lanka.

The Sri Lankan rupee also experienced significant appreciation against various currencies during this timeframe as well, statistics showed.

The rupee appreciated 26.4 percent against the Japanese yen, 17 percent against the British pound, 18.9 percent against the euro, and 19.7 percent against the Indian rupee.

Sri Lankan rupees depreciated dramatically from 202 per dollar in March 2022 to around 360 after the government allowed the rupee to float.

The rupee, however, has been appreciating in the last few months.

Sri Lanka's Central Bank recently announced that the Sri Lankan economy has stabilized and the interest rates will be reduced by the last quarter of the year.