Sri Lanka’s exchange rates which had been highly volatile in the recent months has continued to remain stable through September 2022, following the introduction of daily permissible band in mid-May 2022.
The Central Bank says that from 13 May 2022 to date, the Sri Lanka rupee recorded a marginal depreciation against the US dollar, despite recording a depreciation of 44.9 per cent against the US dollar during the year up to 04 November 2022.
The Central Bank introduced a daily trading band for the rupee dollar exchange rate to prevent high off market premiums being charged from importers by exporters and stabilize volatility. The band is based on the previous day’s price and plus or minus margin.
Meanwhile, reflecting cross-currency movements, the Sri Lanka rupee depreciated against the euro, the pound sterling, the Japanese yen, the Australian dollar, and the Indian rupee during the year up to 04 November 2022.
SLR/USD rate which was about Rs 178 in December 2019 rose up to Rs.363.50 by first week of November 2022 which was a sharp increase. However since then up to end of October 2022 the rate has only shown a marginal increase
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