Minister Bimal Ratnayake said the US dollar is expected to weaken further against the rupee in the coming weeks, claiming the rate had already fallen from above Rs. 340 to around Rs. 334.
Speaking at a public event reported by Newswire, the minister dismissed opposition criticism of recent exchange-rate movements and accused some politicians of “celebrating” when the dollar climbed past Rs. 340. He said the government expects the currency to continue easing as Sri Lanka’s economic programme moves forward.
Ratnayake also said the country is awaiting roughly USD 700 million from the International Monetary Fund, which he argued would further strengthen the foreign-exchange position once received. The disbursement is tied to the IMF Executive Board review scheduled for May 27, where the policy framework was described as stronger than under previous reviews.
The minister’s confidence sits against a backdrop of sharp volatility. The Central Bank’s published selling rate touched Rs. 353.17 late on May 23 according to Daily Mirror, continuing a cycle that had already taken TT-selling past Rs. 352.50 and four banks above Rs. 350 on May 21. The rupee then snapped back to 329–331 on the spot market on Friday as exporters sold forward, before weakening again later in the day.
Ratnayake’s intervention echoes earlier government pushback. Deputy Finance Minister Anil Jayantha had already rejected the “crisis” framing on May 21, and President Anura Kumara Dissanayake told a Nindavur rally on May 22 that 2026 would not repeat 2022, citing USD 7 billion in reserves.
Opposition MP S. M. Marikkar this weekend warned diesel prices could rise by Rs. 150 as the rupee weakens, while the opposition pushed for an urgent parliamentary debate on the rupee crisis.
