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Aggressive US dollar buying by the Central Bank of Sri Lanka (CBSL) to shore up the country’s parlous foreign reserves, saw the benchmark ‘spot’ fall sharply by between 1.24 per cent and 0.62 per cent (Rs four-Rs two 2) to Rs 326/327 to the dollar today, market sources who didn’t want to be named told ‘BMD.’
Year on year (YoY) to yesterday the ‘spot’ has weakened by between 9.40 per cent to 6.17 per cent (Rs 28-19) to the dollar in two way quotes, thereby causing cost-push inflationary pressure as Sri Lanka is an import dependent economy.
However, Central Bank of Sri Lanka (CBSL) strengthened the official ‘spot’ by 0.19 per cent (Rs 0.62) to Rs 319.98 to the dollar yesterday , whereas a year ago, CBSL steeply weakened the administered ‘spot’ for the second consecutive market day to March 28 2022, at that time by 1. 72 per cent (Rs 4.98) to Rs 294.98 to the dollar, resulting in a YoY weakening of the official ‘spot’ by 8.48 per cent (Rs 25) to the dollar.
In related developments, a year ago, the “market ‘spot’” ‘weakened’ by 0.01 per cent (Rs 0.03) to be quoted at Rs 298/308 to the dollar in two way quotes, records showed.