Rupee strengthens against USD

The Sri Lankan rupee opened stronger against the U.S. dollar on Wednesday, the Central Bank of Sri Lanka (CBSL) reported.

The rupee was buying at 302.42 and selling at 316.18 against the U.S. dollar.

The middle rate was 310.4 rupees.

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

The rupee, however, has been appreciating slowly, in the last few months.

Sri Lanka’s Central Bank recently announced that the local economy has stabilized and that the interest rates, too, will be reduced by the last quarter of the year.