US Dollar Rate hit landmark surge - Selling Price Rs. 198

US Dollar Rate hit landmark surge - Selling Price Rs. 198

20 January 2021 08:29 pm

The selling price of the US dollar hit landmark surge this week with a rate of Rs. 198.28, CBSL daily exchange rate indicated.

The buying price of the US dollar marks Rs. 192.85. 

Commenting on the dollar surge, the CBSL stated that the rates are likely to drop at a certain extent within the next few days.

"The Central Bank of Sri Lanka (CBSL) wishes to take several steps in this regard. Ideas are already being exchanged with the banks. We have seen that there has been a huge demand in foreign exchange for imported goods in particular," Deputy CBSL Governor Dhammika Nanayakkara commented.

He added: "The pressure struck at most on the exchange rate was due to the need for foreign exchange to import these goods. There has been a surge in the cash inflow through remittances. But we have seen an increase of demand for import rather than the daily inflows, due to which a pressure at this gravity occurred, we believe. We hope that this would be a temporary situation." 

The CBSL is confident that this pressure will be alleviated to some extent, given the government's situation in which large sums of money are likely to flow in its direction, the Deputy Governor further noted.