According to recent Central Bank data on exchange rates, the Sri Lankan rupee has shown significant appreciation, as highlighted by Wasantha Athukorala, Director of the Postgraduate Department of Humanities and Social Sciences at the University of Peradeniya and Professor of Economics.
The rupee reached its lowest value against the US dollar on May 11, 2022, when one dollar equaled 364.76 rupees, or 0.0027 dollars per rupee. As of November 7, 2024, however, one dollar stands at 292.94 rupees, equating to 0.0034 dollars per rupee. This indicates a roughly 26% strengthening of the rupee against the dollar since May 2022, according to Professor Athukorala.
The rupee also reached a historic low against the euro on February 2, 2023. By November 7, 2024, it had appreciated by approximately 28% against the euro. Furthermore, on May 31, 2022, the rupee was at its weakest against the Japanese yen, but by November 7, 2024, it had strengthened by about 50%.
Despite this notable recovery of the rupee, Professor Athukorala pointed out that the benefits of the currency’s appreciation have not yet been felt by the people of Sri Lanka.
