Sri Lankan Rupee depreciates against USD

10 March 2023 12:46 pm Views - {{hitsCtrl.values.hits}} 23 Bookmark

A A A

The Sri Lankan Rupee (LKR) has depreciated against the US Dollar (USD) today compared to yesterday's buying and selling rates of the Central Bank.

According to the Central Bank, today's buying rate of USD is Rs. 311.62 while the selling rate is Rs. 328.90.

The buying rate of the USD reached Rs. 307.36 yesterday while the selling rate was Rs. 325.52.

The Rupee has been appreciating against the USD and other major currencies since last week. (DSB)

Comments - 23

lester Friday, 10 March 2023 01:05 PM

Our reserves are only 2.1 billion out of which 1.5 billion is credit swap from China we cant use for imports. Other 500 belongs to India we only use essential item imports from India. Our true reserves are only 100 million at most. Money we are getting from IMF is another loan to pay previous loans. Tell me how the dollar came down? Its best that we don't get any loans from IMF at all. Wait 10 years and all these countries will convert these debts to grants when they become unrecoverable and we will immerge debt free. Ranils IMF loan will only restart the debt payment cycle. We save millions of dollars every month by not paying debts which we can use to build our own reserves. This a once in a lifetime opportunity wipe our debts if we don't get the IMF loan let the country stay in default for few more years until they erase our debts. Only thing other countries can do is not give us any more loans which we don't need and cannot seize our assets like a bank. Its foolish to get IMF loan

0 0

Mahila Saturday, 11 March 2023 09:54 AM

Lester, Where do you want to build this RESERVE? a. In Sri Lanka b. Overseas 2. From whom and where are you proposing to get the USD to build the RESERVE?? 3. What do you think those countries which loaned the money going to do when you a. Don’t repay the capital in full or Instalments as planned? b. Don’t repay the Interest due in full or Instalments as planned? Answer is those countries which have been denied their legitimate right of Interest and Capital, would take legal courts order, or International Tribunal for arbitration!!?? Accrued earnings for exports, services denied to be repatriated to SL!!?? No Export earnings to build your reserves and exports diverted to Pay Lona and Penal Interest!! GOOD FUN AND NOT VERY FUNNY!!! Sri Lankan cunningness devoid of intelligence and knowledge!!!

0 0

Henry the eight Friday, 10 March 2023 01:13 PM

Again, this is all a hoax as the SL Rupee can't be traded anywhere on the planet. In order to strengthen the Rupee they would have to buy SL Rupees in the market and sell foreign currency - which they don't have. As the SL Rupee can only be bought and sold in SL, who is the counterparty? Nobody, as there is no market!!! Again, they fool everybody, hopefully the IMF knows that. I bet SL will get no money from the IMF in the near future as they know what is going on in this country.

0 0

sam Friday, 10 March 2023 01:41 PM

Artificial happiness for some

0 0

feroze Friday, 10 March 2023 02:18 PM

Lester- No country will write off debts because you are unable to repay it. Non payment is not a method of building reserves. I don't understand which university if any you attended. By continuing to be a defaulter, all other countries will also black list SL and eventually we will not be able to carryout any trade with any country. Typical frog in a well island mentality- You must be a JVPer for sure

0 0

Dr. Thomas Friday, 10 March 2023 04:09 PM

Correctly said; not paying back loans, like going to a restaurant, enjoying ones dinner, then out from the backdoor and not settling the bill.

0 0

Saman Friday, 10 March 2023 02:26 PM

This is a total misleading machanism carried out by govt

0 0

Roshanaly Friday, 10 March 2023 02:42 PM

May be the trick played by the CB to bring back the hidden dollars to the market.

0 0

Ah Friday, 10 March 2023 02:45 PM

Don’t criticise or protest all the time without a proper reasoning. If the govt says the tax has to be implemented to steady the economy for a short period; lets support it. Make sure that the money collected is properly used. We had enough of these protests and critiques. A real curse. Bear for sometime and lets see what happens

0 0

lester Friday, 10 March 2023 03:26 PM

feroze - You must be a western minded person like Ranil to grab the IMF loan from your western masters without thinking about the consequences. World doesn't operate on your university wisdom We are doing ok now without the IMF loan. Only thing IMF loan will do is put us in another debt cycle. How are you going to pay 50 billion dollars in debt with a 4 billion IMF loan? Is your own company ramping up production to increase the size of country GDP? We will do fine as a country in default than a country carrying 50 billion in debt. Will get free stuff like medicine as long as we are in default. Start paying debt, no more free stuff. Longer we owe them money, longer those politicians look like fools to their public for lending us money. Which is why they will turn these debts into grants in 10-15yrs. Once we build enough reserve to match the total rupees in circulation from money saved by not paying interest, we should hard peg our currency to USD making our economy clone of US economy

0 0

Mahila Saturday, 11 March 2023 09:50 AM

Feroze, Where do you want to build this RESERVE? a. In Sri Lanka b. Overseas 2. From whom and where are you proposing to get the USD to build the RESERVE?? 3. What do you think those countries which loaned the money going to do when you a. Don’t repay the capital in full or Instalments as planned? b. Don’t repay the Interest due in full or Instalments as planned? Answer is those countries which have been denied their legitimate right of Interest and Capital, would take legal courts order, or International Tribunal for arbitration!!?? Accrued earnings for exports, services denied to be repatriated to SL!!?? No Export earnings to build your reserves and exports diverted to Pay Lona and Penal Interest!! GOOD FUN AND NOT VERY FUNNY!!! Sri Lankan "cunningness devoid of intelligence and knowledge"!!!

0 0

Punchi Friday, 10 March 2023 03:36 PM

All we got to do is take our rupee to the most sacred Buddhist temple in our paradise and have our most holiness Mahanayake do the necessary chants and prayers over it and it will appreciate in value instantaneously.

0 0

Ajith Friday, 10 March 2023 03:44 PM

A 1.4% fluctuation in a currency is neither here not there. Anyone involved in forex will know that this type of exchange rate movement day on day is no big deal, and quite normal for most major currencies.

0 0

one law one country horu plus Friday, 10 March 2023 03:45 PM

Do not forget what these illuminated 'enlightened' king's-partials men, women and clergy have done to the economy and the working class societies. They neither shorten 'sansara' nor find nibbana but encircle former for them using sil cloths, robes and clocks to a size more than seven oceans....

0 0

S. Samarakoon Friday, 10 March 2023 04:01 PM

Lester is a brilliant economist !! May be a future NPP ..FM.

0 0

Nihal Friday, 10 March 2023 04:55 PM

SL rupees cannot appreciate against dollar this fast and again minimum export compared to pre Covid. What is going on with CB? Would it be a good idea to purchase Dollar for some potential gains in future?

0 0

Rupee money for Central Bank to buy dollars comes from where Friday, 10 March 2023 08:15 PM

I saw report Central Bank has bought 500 million USD in the last few days. Where does it get the money to do that? Who gives it all that money. The government is crying poor for 10 billion dollars, and the cost of 500 million USD is many many more times that. It seems like something crooked is going on with Central Bank having so much rupee/money to buy USD.

0 0

amaran Saturday, 11 March 2023 03:06 AM

Really speaking, The DEMAND and SUPPLY of a Foreign Currency should determine the Exchange Rates. The DEMAND is more as has been said by our Prez. So it can be projected to DEPRECIATE further. "Sri Lankan President Ranil Wickremesinghe said on Tuesday the country needs to repay about $6 billion-$7 billion foreign loans on average each year until 2029."

0 0

Cherath Saturday, 11 March 2023 08:18 AM

Contrary to what Feroze and S.Samarakoon say, Lester's theories have no relevance to the NPPs monetary policies. Why is it that every Joker who picks up an outlandish statement is immediately concluded to be connected with the NPP? Proof enough that the latter is well geared to pack its opponents of all colours to oblivion even at the first examination. Hence the BILLA ploy.

0 0

Sunil Saturday, 11 March 2023 10:29 AM

What was all this hue and cry about the rupee appreciating? Fitch Ratings predict that by year's end the rupee would have depreciated by 20%.

0 0

lester Saturday, 11 March 2023 10:34 AM

Mahila - 1 In Sri Lanka. 2 From money saved every month by not paying interest. We pay roughly $600 million every month in interest. There is no recourse in international law to force a country to pay its debt. They cannot issue binging resolutions like UN Security Council. What are they going to do? Invade us? Technically, there should be a bankruptcy laws for countries to wipe its debt when they cannot pay similar to personal and corporate bankruptcy laws in US. Burden is on the lender to ensure repayment capacity before lending. You cannot go to jail for not paying debt. When the debt gets unbearable and no way out, not paying the debt going to bankruptcy is the only way to go as said by Warren Buffet. Sri Lanka will never be debt free if have to pay $600 million in interest every month. We can never build reserves that way. Why should the country pay for politicians mistake? How long do you want to stay in this debt cycle? Country need strong leadership to get out of this mess.

0 0

Dilakshan Seneviratne Saturday, 11 March 2023 10:48 AM

SL has reduced both its imports and exports. Last few months export $ tourism $ worker remittances $ exceeded Import $. Some imports are essential for medicines, fuel, coal, and export industries. For example, SL garment industry imports a lot and value is added in SL, prior to exporting. Due to cut in imports, SL economy is suffering, down $9B in 2022. SME’s are also collapsing. In short the economy is retracting. What is the future then? How does one think Rupee will appreciate?

0 0

Eper Saturday, 11 March 2023 04:41 PM

How can the rupee appreciate when there is limited dollar inflows when compared with the outflow. The rupee appreciation is an election gimmick and is temporary and is bound to depreciate to more than the inception figures , unless there is a vast improvement in our industrialization/exports/foreign Remittences/tourism inputs and other dollar incomes

0 0

Add comment
Comments will be edited (grammar, spelling and slang) and authorized at the discretion of Daily Mirror online. The website also has the right not to publish selected comments.