Rupee continues upward climb for seventh consecutive day

The Sri Lankan rupee had appreciated for seven straight days against the U.S dollar, on Tuesday (07), the Central Bank data shows.

Issuing a statement, the Central Bank said the rupee was bought at 318.30 and sold at 335.75 against the US dollar.

The Central Bank data shows the rupee has also appreciated against the Euro, the Pound Sterling, the Australian Dollar, the Indian Rupee, the Canadian Dollar and the Japanese Yen.

The rupee has been appreciating against the dollar, since March 01, when the rupee opened stronger to the U.S. dollar.

Sri Lanka’s financial press has speculated that the rupee strengthened after the CBSL relaxed a surrender rule, reducing Central Bank purchases.

The Sri Lankan Rupee collapsed, from 202 per dollar, in March 2022, to around 360, after the government allowed the rupee to float.