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Sri Lankan Rupee fells down

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Sri Lankan Rupee fells down
Sri Lankan Rupee fells down

Sri Lankan Rupee fells down

Sri Lanka’s rupee closed at around 168.65/169.00 levels the US dollar Thursday down from 167.10/30 levels a day earlier. Absence of dollar conversions by exporters and remittances also weighed on the market. The rupee fell to an all-time low of 160.30 per dollar, surpassing the previous record of 160.17 hit on June 17. It closed at 160.20/30, compared with Monday’s close of 160.10/25, and has declined 4.4 percent so far this year.

Reportedly the central bank injected 10 billion rupees overnight at 8.06 % and 5 billion rupees for 5 days through a term repo auction at 8.15 % higher than the 8.11 %, a day earlier. In the current run on the rupee, tens of billions of rupees were printed through a currency swap.

The government and the opposition gives various reasons for this collapse. However it is clear that this is not a crisis which surprisingly occurred whereas this reflects the crisis of the capitalism.

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