Despite Record Low Sri Lankan Rupee Is Performing Better Against US Dollar Than Other Global Currencies [COMPARISON]

Although the Sri Lankan rupee hit a record low yesterday, the latest comparisons reveal that the depreciation of the Sri Lankan currency against the dollar is relatively low when compared to currencies in the region and in other key global markets. 

The Dollar Index Spot indicates that the US dollar has strengthened this year as Federal reserve goes through a rate hiking cycle this year. 

The Sri Lankan rupee, for the first time in its history, hit a low of Rs. 160 against the US Dollar yesterday.

During the period between January and June 2018, the depreciation of the Sri Lankan rupee stood at 3.51%, whereas Singapore, a country that performed relatively better against strengthening of the US dollar, recorded a 2.51% depreciation in its currency. 

The depreciation of the Indian rupee, the Pakistani rupee, the Turkish Lira, Philippines Peso, Euro and UK Sterling pound is higher that that of the Sri Lankan rupee. 

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