 to Rs 322 to the US dollar){kind=link}
The benchmark ‘spot’ on Monday 27 March, saw its ‘buy’ rate only strengthen by 0.62 per cent(Rs two) to Rs 322 to the US dollar, though its offer (sell) rate remained unchanged at Rs 325 to the dollar, resulting in the ‘spot’ in two way quotes going at Rs 322/325 to the dollar, nonetheless, year on year (YoY) weaker by between 9.15 per cent to 8.20 per cent (Rs 27-25) to the dollar, thereby causing cost-push inflationary pressure as Sri Lanka is an import dependent economy, market sources who didn’t want to be named told “BMD.”
Meanwhile, Central Bank of Sri Lanka (CBSL) sharply weakened the official ‘spot’ for the second consecutive market day to yesterday, this time by 0.62 per cent (Rs 1.97) to Rs 320.60 to the dollar. Further, a year ago, CBSL also steeply weakened the administered ‘spot,’ at that time by 3.57 per cent (Rs 10) to Rs 290 to the dollar, resulting in a YoY weakening of the official ‘spot’ by 10.55 per cent (Rs 30.60) to the dollar.
In related developments, a year ago, the ‘sell’/offer rate of the “market ‘spot’” weakened by 1.67 percent (Rs five) to Rs 305 to the dollar, though its ‘buy’ rate remained unchanged at Rs 295, resulting in the “market ‘spot’” a year ago being quoted at Rs 295/305 to the dollar in two way quotes.