Business · Sri Lanka Bureau
Sri Lankan Rupee Weakens Further as Dollar Selling Rate Hits Rs. 335
The Central Bank of Sri Lanka's official exchange rate reflects continued depreciation of the local currency against the US Dollar. The selling rate has increased to Rs. 335 per dollar, marking further weakness in the rupee's value.
LSN Sri Lanka ·
The Sri Lankan Rupee weakened further against the US Dollar on Wednesday, with the Central Bank of Sri Lanka's official selling rate climbing to Rs. 335 per dollar, up from the previous day's closing rate.
The latest depreciation continues a downward trend for the local currency, reflecting ongoing pressure on Sri Lanka's foreign exchange reserves and external account balance. The rupee's sustained weakness against major reserve currencies has been a persistent concern for policymakers and market participants alike.
The Central Bank maintains official exchange rates for commercial transactions, which serve as benchmarks for inter-bank dealings and currency markets. The widening gap between the rupee and the dollar underscores the challenges facing Sri Lanka's currency stability amid broader macroeconomic pressures.
Market analysts attribute the rupee's depreciation to several structural factors affecting the country's balance of payments, including tourism-dependent revenues and import-heavy consumption patterns. The currency movement has implications for importers, exporters, and consumers reliant on foreign goods and services.