Rupee continues to depreciate RS.165 AGAINST US DOLLAR

The Sri Lankan rupee continues to depreciate remarkably against the US Dollar and recorded the highest deprecation of Rs.164 selling price for US dollar on Friday.

According to the foreign exchange rates issued on Friday by the Central Bank of Sri Lanka the selling price of US dollar is Rs.164.37 while the buying price is shown as Rs. 160.94, recording lowest rupee value against the US Dollar.

Meanwhile, the exchange rate announced by the recognized commercial banks the selling price of the Dollar exceeded Rs.165.

Different exchange rates had been announced on Friday by commercial banks with selling price of Rs164.85 by Sampath Bank and People’ Bank Rs,165.39,commercial Bank Rs.165.60, Bank of Ceylon Rs. 164.15.

The selling price of Dollar fixed by National Savings Bank was Rs.164.15 and HNB 164.15 while it was Rs.166.85 with HSBC Bank on Friday.

According to the CBSL statistics, rupee was depreciated by 1.2 percent in August and during the current month to date depreciation is 0.8 percent.

The overall deprecation is 6.1 percent during the year.

CBSL Senior Deputy Governor Dr. Nandalal Weerasinghe says the rush of local commercial banks to buy US Dollar beyond their necessity caused undue fluctuation of the rupee.