Exchange Rate unchanged at Rs 330/340

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By Paneetha Ameresekere

The benchmark ‘spot’ was trading unchanged at Rs 330/340 to the US dollar in two-way quotes in interbank foreign exchange (FX) trading yesterday over the previous day Monday’s close, market sources told Ceylon Today.

However, year-on-year (YoY) to yesterday, the ‘spot’ has weakened by between Rs 134-142 (68.37-71.72 per cent), having closed stronger at Rs 196/198 to the dollar in two-way quotes on 19 April 2021, thereby causing cost-push inflationary pressure as Sri Lanka is an import-dependent economy.

Meanwhile, the administered ‘spot’ was fixed at Rs 194.45 to the dollar in two-way quotes by CBSL, a year ago, compared to a weaker administered rate of Rs 310 yesterday, down 59.02 per cent (Rs 115.05) YoY. 

‘Spot’ trades are settled after two market days from the date of transaction. CBSL, the steward of GoSL debt and of its foreign reserves, deals in ‘spot.’ The banking regulator is also CBSL.