Rupee gains sharply against US dollar

The Sri Lankan Rupee further appreciated today with the selling rate of a US dollar recovering to Rs.191.97 from Friday’s (16) Rs. 201.28.

According to the latest exchange rate data released by the Central Bank today, the dollar buying rate was recorded at Rs.187.93 and the indicative rate was Rs.194.44.

As reported by Mirror Business today, State Minister of Money & Capital Markets and State Enterprise Reforms Ajith Nivard Cabraal expects rupee to stabilise at Rs.175-Rs.180 range against the US dollar by the end of this year. 

The recent receipt of US $ 500 million loan from China Development Bank is considered as the immediate reason for the strengthening of the rupee.