Sri Lanka Rupee Appreciates Against Major Currencies in 2024

COLOMBO (News 1st); The Central Bank of Sri Lanka said that the exchange rate, which exhibited some volatility with depreciation pressures during mid-month, demonstrated an appreciation in the latter part of September 2024. 

The Sri Lanka rupee recorded an appreciation for the month of September 2024 while an overall appreciation trend was observed during the year. 

The Sri Lanka rupee appreciated by 8.2% against the US dollar during the year up to 30 September 2024. 

Meanwhile, reflecting cross-currency movements, the Sri Lanka rupee appreciated against other major currencies, such as the euro, the pound sterling, the Chinese yuan, the Japanese yen, the Indian rupee, and the Australian dollar during the year up to 30 September 2024. 

In line with the nominal appreciation of the Sri Lanka Rupee during the year up to August 2024,
the real effective exchange rate against the basket of 24 currencies or REER 24 is also appreciated.

Accordingly, the REER 24 index increased from 70.2 at the end of December 2023 to 72.8 at the end of August 2024, reflecting a reduction in external competitiveness during the period.