Sri Lanka’s Rupee has strengthened to Rs.191.5 against the US Dollar, Central Bank data showed.
The Sri Lanka Rupee dropped to a record low of Rs. 200.46 against the US dollar during the first week of April, before appreciating to Rs.195.47 a week later, leading an upward trend of the Rupee thereafter.
The sharp decline of the Rupee in early April, led Sri Lanka’s finance ministry to impose import restrictions on several items such as rice, flour, sugar, liquor, and apparel products to keep the foreign exchange crisis under control and prevent the rupee sliding further.
During the year up to the 06th May 2020 Sri Lanka’s Rupee depreciated against the US dollar by 3.9 percent, Central Bank data showed.
As at 30th April 2020, Sri Lanka’s gross official reserves had dropped USD 353 Mn to USD 7,179.9 Mn , from USD 7,533.7 Mn in March.
Gross official reserves estimated at USD 7,642.4 Mn as at 31st December 2019, have declined by USD 462.5 Mn during the year.
The outstanding stock of T-bills and T-bonds held by foreigners decreased by Rs.949.4 Mn (3.93 per cent) during the week ending 5th May 2020.
Since the first week of March this year, foreign outflows from local bond markets have declined by approximately Rs.60 Billion, due to week investor sentiments, owing to the global outbreak of Covid19.
T-bills and T-bonds held by Foreigners which stood at Rs. 83 Bn by the first week of March has witnessed a massive decline of approximately 70% to Rs.23 Bn as at the 5th of May.
The cumulative outflow from the local bond market since the 1st of January this year is now approximately Rs.80.792 Billion.
T-bills and T-bonds held by Foreigners which stood at Rs.104 Bn as at the 1st of January this year, have declined by nearly 77.7%.
Sri Lanka’s trade balance in 2019 was a negative Rs.7.9 Bn, Central Bank data showed.
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