Rupee depreciates as relaxation of import restrictions caused demand for dollar to rise

The rupee had depreciated against the US dollar due to the relaxation of import restrictions, State Minister of Finance, Ranjith Siyambalapitiya, told the media on Thursday.Addressing the media in Colombo, the Minister urged people not to panic over the depreciation of the rupee.

He said that the Central Bank would take situaiton under control.Siyambalapitiya said the exchange rates were determined by supply and demand.