The Sri Lankan rupee weakened sharply against the US dollar at commercial banks on Friday, with the selling rate climbing to Rs.341 at Commercial Bank of Ceylon and Sampath Bank, Newswire reported.
Commercial Bank’s buying rate rose from Rs.325.09 to Rs.330.05, and its selling rate from Rs.336.00 to Rs.341.00 — an increase of nearly Rs.5 on each side. Sampath Bank’s buying rate moved from Rs.328.00 to Rs.332.00, and its selling rate from Rs.337.00 to Rs.341.00.
NDB Bank raised its buying rate from Rs.328.00 to Rs.331.00 and selling from Rs.337.00 to Rs.340.00. People’s Bank moved to Rs.329.95 buying (from Rs.327.01) and Rs.340.33 selling (from Rs.337.29). Seylan Bank held rates unchanged at Rs.327.75 buying and Rs.339.50 selling.
The latest move reverses much of Wednesday’s 2.1 percent surge to Rs.330.15, which followed the Central Bank’s order requiring exporters to convert residual proceeds within 30 days. The CBSL had earlier set Tuesday’s reference selling rate at Rs.342.08 before the conversion rule took effect.
Central Bank Governor Nandalal Weerasinghe told Parliament on Wednesday that the recent depreciation reflected higher import expenditure — particularly for fuel and vehicles — along with lower tourism inflows, possible delays in the conversion of export earnings as further weakening was anticipated, and importers bringing forward foreign-exchange purchases to hedge against expected currency moves.
Sources: Dollar rate today: USD selling rate further increases to Rs. 341 — Newswire, June 12.
