Sri Lanka's Rupee Strengthens as Dollar Selling Rate Falls to Rs 339

The Sri Lankan rupee appreciated against the US dollar on August 6, with the commercial banks' selling rates dropping to Rs 339. Seylan Bank kept its buying and selling rates at Rs 331.45 and Rs 340.70, while NDB Bank lowered its buying rate to Rs 330.85 and selling rate to Rs 339.85. People's Bank’s buying rate slipped to Rs 331.41 and selling rate to Rs 339.63. Commercial Bank of Ceylon reported a buying rate of Rs 329.31 and a selling rate of Rs 339.25. Sampath Bank’s rates remained unchanged at Rs 331.50 (buy) and Rs 339.50 (sell).

In 2024 Sri Lanka’s total imports amounted to US$18.6 billion, a 13.5% decline from 2020 but a 14.3% rise from 2023. The rupee depreciated 8.5% against the dollar over the year, making imports more costly. Major suppliers were the United States (13.9% of import value) and mainland China (10.7%). Europe accounted for 11.9% and North America 3.1% of imports. The top import categories were mineral fuels (US$4 billion, 21.5%), machinery including computers (US$1.5 billion, 7.9%), and electrical machinery (US$1.2 billion, 6.2%).