WEB DESK
Sri Lankan rupee has appreciated against the US dollars for the third consecutive day. The rupee traded at 334 against every dollar appreciating from a low of 360 three days ago.
The appreciation in the currency exchange is being attributed to the fresh inflows from Washington-based International Finance Corporation (IFC).
Earlier this week, the corporation had agreed to provide a 400 million dollar swap facility to three private banks in Sri Lanka for trade financing.
It was anticipated that IFC’s cross-currency swap facility will help the island to obtain critical forex liquidity.
The forex rates are soft pegged by the Central Bank of Sri Lanka at a middle rate and a range is decided to allow for buying and selling.
The Lankan rupee had depreciated last year by about 80 percent from 200 to 360 against every dollar due to an acute shortage of Foreign exchange reserves in the Island nation.