New low for Sri Lanka rupee
(Srilankamirror) – In a new historic low for the Sri Lanka rupee, the local currency was quoted at 123.45/60 against the US dollar in late trading today (Mar. 13).
According to dealers, the Sri Lanka rupee opened around 121.80 to the US dollars.
Analysts had warned that continued liquidity injections in to money markets to sterilize off-market forex interventions will result in a steady weakening of the currency peg, LBO reports.
One month forward premium was around 1.10/20 rupees, the three month around 5.00/5.10 and the one year as much as 9.35/80 earlier in the day, dealers said.
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We are now paying the price for having only a “ceremonial” Finance Minister and an accountant – not an economist – as the Governor of Central Bank whose main duty hitherto has been to issue rosy pictures of the economy to keep his political masters happy. This particular Governor has also proved to be a good entertainer and dancer during his visit to Australia along with a number of boys and girls on government account, to canvas for Commonwealth Games for Hambanthota.