USD falls first time below Rs. 300 since mid 2023

COLOMBO, Oct. 2 (Xinhua) — The exchange rate of the U.S. dollar fell below 300 Sri Lankan rupees for the first time since June 2023, according to reports from Sri Lanka’s financial press on Wednesday.

Data from the central bank of Sri Lanka indicated that the selling rate for the dollar was 299.35 rupees on Wednesday, while the buying rate stood at 290.30 rupees.

The central bank previously attributed the rupee’s appreciation to higher inflows of foreign currency compared to outflows. The central bank said in a report on Monday that the rupee recorded an appreciation for September 2024 while an overall appreciation trend was observed during the year.

The Sri Lankan rupee appreciated by 8.2 percent against the U.S. dollar during the year up to the end of September 2024, according to the central bank.

Source: Daily News