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Rupee hits 200 for the first time in 11 months

17 Mar 2021

  •   LKR depreciates by 5.4% against USD so far this year

  •   This year’s depreciation rate is higher than in 2020

  •   Last time LKR passed 200 was April 2020

  •   INR too depreciates while Pakistan rupee appreciates

  The Sri Lankan rupee (LKR) surpassed the 200 mark against the US dollar yesterday (16) for the first time in over 11 months, recording a depreciation of 5.4% since the beginning of this year, according to data from the Central Bank of Sri Lanka (CBSL). The depreciation rate recorded so far this year is higher than the depreciation rate of 3.29% recorded during the period from 1 January to 31 December last year. The selling price of the US dollar was 200.06 while the buying rate was 195.28, respectively, up by 0.85 and 1.1 from what was quoted the previous day (15).   The Sri Lankan rupee began the year at 189.80 and passed the 190 level within five days of the new year. Since then, it remained well above 190 and reached 199 during the period from 22 January to 25 January and was declining on and off since then while still remaining well above 190 levels. As at 31 December 2020, the rupee was at Rs. 189.18 per US dollar. The lowest value the rupee hit in 2020 was Rs. 200.4 against the US dollar on 8 and 9 April. The rupee recorded an appreciation of 0.7% in 2019. On 26 February, Livemint of India reported that the Indian rupee (INR) and stocks plunged along with markets across Asia amid global selloff in risk assets sparked by the surging US yields. The INR tanked by 104 paise to 73.47 against the US dollar, its biggest drop since March, according to Bloomberg. Meanwhile, as of yesterday, the exchange rate of the Pakistani rupee strengthened by 14 paise against the US dollar in the interbank trading on Monday and closed at 156.99 as compared to the previous day’s closing of 157.13. (MT)


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