President says Rupee to appreciate to Rs. 280 against US Dollar

President Ranil Wickremesinghe 

President Ranil Wickremesinghe yesterday indicated that the Rupee will appreciate against the US Dollar in the coming months.

Speaking at the inauguration of the International Gem and Jewellery Trade Centre, known as the Ratnapura Gem Tower, the President provided insightful data on the country’s economic progress.

He noted that in July 2022, inflation stood at a staggering 54.6%, but today it has significantly reduced to 0.9%. This control over inflation has contributed to the strengthening of the Sri Lankan Rupee. Additionally, bank interest rates have decreased from 23.8% to 10.3%, with expectations for further reduction in the coming months as stated by the Governor of the Central Bank.

The President also highlighted the improvement in the foreign exchange rate, which has decreased from Rs. 361.80 per dollar in the  past to Rs. 300.40 presently. Efforts are underway to further lower this rate to Rs. 280, aiming to bolster the strength of the rupee.

During the year up to 28 March 2024, the Sri Lanka rupee appreciated against the US dollar by 7.6%.