Sri Lankan Rupee slumps as Asia’s worst-performing currency this month

The Sri Lankan rupee has been identified as the worst-performing currency in Asia this month, according to a report published by a leading global business news platform.

The report stated that the Sri Lankan rupee had weakened significantly against the US dollar in recent days and warned that the currency could depreciate further.

Commenting on the situation, Professor Wasantha Athukorala of the Department of Economics and Statistics at the University of Peradeniya said the rapid depreciation of the rupee within a short period posed a serious risk to the country’s economy.

He warned that inflation could rise sharply in the future if urgent measures were not taken to control the situation.

Meanwhile, Member of Parliament Ravi Karunanayake claimed that the current government had no proper mechanism in place to prevent the rupee from depreciating further.

Former MP Piyal Nishantha also stated that both the government and opposition should work together to take immediate action to address the prevailing economic crisis.

Responding to concerns over the issue, President Anura Kumara Dissanayake yesterday said the depreciation of the rupee would be temporary and urged the public to face the situation with resilience.

Source - Ada Derana