Prez predicts rupee will appreciate to between 185 and 200 against USD

The Sri Lankan rupee would gradually appreciate against the US dollar, once the country entered into an agreement with the IMF, President Ranil Wickremesinghe said on Sunday night, addressing an event in Colombo.

The rupee would trade between 185 and 200 against a dollar, the President said, adding that Sri Lanka would no longer be a bankrupt nation by the end of the week.

Wickremesinghe said that once Sri Lanka received the IMF funds, it could start restructuring its external debt.

The Pesident said Sri Lanka hoped to receive up to 10 years to repay the debt it has incurred, adding that the country would be able to stabilize the economy and have a Budget surplus by 2026,