COLOMBO, April 27 (Xinhua) -- Sri Lanka's local banks said on Wednesday one U.S. dollar reached over 350 Sri Lankan rupees for the first time, as the nation is facing a severe economic crisis with the shortage of foreign exchange.
Local media reports quoting some local banks said the selling rate of one U.S. dollar reached 350.49 rupees while some banks were selling at 360 rupees.
Economists said this was the first time in Sri Lankan history that the U.S. dollar hit the 350 mark against the rupee after the dollar had been rising amid the economic uncertainty in the country.
Sri Lanka is facing one of its worst economic crises in recent decades with a shortage of foreign exchange, which has led to a shortage of fuel and power cuts.
The Sri Lankan government has sought the assistance of friendly countries, the World Bank and the International Monetary Fund for economic assistance.
The World Bank has agreed to provide Sri Lanka with 600 million U.S. dollars in financial assistance to address the ongoing economic crisis in the country, the Sri Lankan President's Media Division said Tuesday. ■