Sri Lankan rupee appreciates rapidly against the USD | Sunday Observer

Sri Lankan rupee appreciates rapidly against the USD

29 May, 2023

There has been a rapid appreciation of the LKR against the USD within the last week. Today (29 May) the buying rate of 1 USD was reported at LKR 289.89 and selling rate of 1 USD is 303.26 according to the CBSL exchange rates. These exchange rates are based on the rates quoted daily for Colombo for Telegraph Transfers (TT) in Commercial banks. Within this last week dollar has dropped by nearly 10 rupees, from LKR 299.71 reported last Monday (22 May).

For the first time in nearly fifteen months the Middle rate of the USD/LKR spot exchange rate of CBSL has dropped below LKR 300 and the today’s Spot exchange rate is reported at LKR 299.11

In a similar manner, GBP buying rate has reduced from LKR 372.90 last Monday (22 May) to LKR 357.32 today (29 May).

However, that being said author of this article warns the public to not to make rash decision as the reasons for appreciation for the rupee maybe due to temporary shift in macro-economic variables.