Monday, May 23, 2022
Follow Us
Rupee appreciates on CBSL guidance

The rupee yesterday appreciated to Rs. 365 level to the dollar from Rs. 377 yesterday. This is following the Central Bank issuing guidance to inter-bank rate for the first time since the exchange rate was fixed in late last year as well as since the free floatation of the currency from early March this year.

As per CBSL, the Telegraphic transfer buying rate of dollar was Rs. 355 and selling was Rs. 364.98.

The issuance of daily guidance to smoothen volatility was announced by new CBSL Governor Dr. Nandalal Weerasinghe on Wednesday. CBSL now on will announce middle rate of USD/LKR exchange rate for interbank transactions based on the previous day’s W/A spot rate in Inter-bank market.

Permitted USD/LKR variation margin will also be announced by the CBSL (Will be able to apply as plus or minus). Accordingly, the middle rate for 13.05.2022 starts from 360 with a permitted variation of (+/-) 2.60. Banks have been requested to apply only reasonable margins in determining rates applicable for customer transactions.

(FT)