Sri Lanka Ruppe depreciated only by 1.85% YTD while other Asian currencies are also outperforming many emerging and developing economies sofar this year. Reduction of imports cum. by 20% has resulted in a 21% decline of trade deficit so far this year compared to last year in Sri Lanka. Bilateral FX inflows from India and China have given further breathing space till the government plans out how to bridge the gap between gov revenue and expense. Sri Lanka CBSL has been a net buyer of the FX so far this year of $ 255Mn (end of Sep). CBSL has been a net buyer of FX ever since re-open the economy in May.
Asian currencies are outperforming other emerging and developing economies
Exchange RateNov 2, 2020