Will the Sri Lankan Rupee Continue to Climb in 2019?

The Sri Lankan rupee had appreciated by 3.3 % against the US Dollar during the year up to 18 June 2019, latest External Sector Performance report of the Central Bank of Sri Lanka outlines.

Reflecting cross-currency movements, the rupee also appreciated against all other major currencies.

According to Central Bank latest statistics, as at end April 2019, Sri Lanka’s gross official reserves were estimated at US $ 7.2 billion, equivalent to 4.1 months of imports.

Total foreign assets, which consist of gross official reserves and foreign assets of the banking sector, amounted to US $ 10.1 billion as at end April 2019, equivalent to 5.8 months of imports.

Foreign investments to the government securities market recorded a net outflow of US $79 million in April 2019. On a cumulative basis, net outflows to the government securities market amounted to US $27 million during the first four months of the year.

Foreign investments in the CSE, including primary and secondary market transactions, recorded a net inflow of US dollars 10 million during the month of April 2019. On a cumulative basis, the CSE recorded a net outflow of US dollars 24 million in the first four months of 2019.

Long term loans to the government recorded a net inflow of US $ 35 million during April 2019.

 

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Source From biz.adaderana
Author: Biz Editor
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