Business · Sri Lanka Bureau
Sri Lankan Rupee strengthens against dollar in banking sector
The Sri Lankan Rupee has gained ground against the US Dollar across commercial banks, with selling rates falling to Rs. 334–336 per dollar. The marginal appreciation reflects continued stabilization in foreign exchange markets.
LSN Sri Lanka ·
Commercial banks in Sri Lanka quoted the US Dollar at selling rates between Rs. 334 and Rs. 336 on Tuesday, representing a slight appreciation of the local currency compared to previous trading sessions.
The strengthening of the Rupee against the greenback comes as Sri Lanka's foreign exchange market continues to show signs of relative stability following months of volatility. Central bank interventions and improved external sector performance have supported the local currency's recovery.
Market analysts attribute the modest gains to steady inflows of remittances and tourism receipts, which have bolstered dollar supply in the banking system. The narrowing of the bid-ask spread also suggests improved market sentiment and reduced pressure on the Rupee.
Commercial banks have been posting competitive rates as liquidity conditions in the foreign exchange market normalize. Importers and exporters are closely monitoring currency movements as they factor exchange rate projections into business planning and hedging strategies.
The Central Bank of Sri Lanka has continued its efforts to maintain exchange rate stability through measured market operations, supporting the gradual recovery of the Rupee that began earlier this year.