• Depreciation persists with TT selling rate of US Dollar yesterday at Rs. 200.90, higher in comparison to Rs. 195.21 on Tuesday

Main Opposition SJB MP Dr. Harsha de Silva yesterday rebutted State Minister Nivard Cabraal over the latter’s assertion that the former had mixed up exchange rates. 

In Parliament on Tuesday, State Minister of Money, Capital Markets and State Enterprises Reform Nivard Cabraal alleged that de Silva had confused forward rates to spot rates when the latter raised concerns of steep depreciation of the Rupee. 

However Dr. de Silva alleged yesterday that it was Cabraal who was unaware as spot rates were higher as opposed to forward rates which were lower. 

Given the uncertainty and scarcity of foreign exchange in the market and high yields on dollar funds, dealers were quoting lower forward rates. 

“Despite Cabraal’s claims and reassurances, how the rupee behaved today (Wednesday) vindicates my assertion,” Dr. de Silva added. 

The Central Bank yesterday said the TT selling rate of the US Dollar was Rs. 200.90, higher in comparison to Rs. 195.21 on Tuesday and Rs. 191.97 on Monday. In early inter-bank trade the Rupee faired weaker at Rs. 208 for the US Dollar due to lack of dollar supply currency dealers said.

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