Rupee Weakens Further Against Dollar as Buying and Selling Rates Rise Across Major Banks

The Sri Lankan Rupee continued its downward trend against the US Dollar on Wednesday (03), with buying and selling rates rising across several leading commercial banks compared to the previous day.

Bank-by-Bank Breakdown

At Seylan Bank, the buying rate climbed from Rs. 325.25 to Rs. 326.25, while the selling rate moved up from Rs. 338.00 to Rs. 339.00, reflecting a marginal but notable shift in exchange values.

NDB Bank recorded an increase in its buying rate from Rs. 327.50 to Rs. 328.00, with the selling rate edging higher from Rs. 336.50 to Rs. 337.00.

People's Bank reported one of the more significant upward movements, with the buying rate rising from Rs. 327.00 to Rs. 328.48 and the selling rate increasing from Rs. 336.25 to Rs. 337.77.

Commercial Bank saw its buying rate move from Rs. 324.47 to Rs. 325.46, while the selling rate advanced from Rs. 335.50 to Rs. 336.50.

At Sampath Bank, the buying rate rose from Rs. 326.50 to Rs. 328.00, and the selling rate increased from Rs. 335.50 to Rs. 337.00.

Steady Pressure on the Rupee

While the headline selling rate remained in the vicinity of Rs. 337 across several institutions, the overall picture points to continued depreciation pressure on the local currency. The incremental increases seen across multiple banks on the same day suggest a broad market trend rather than an isolated movement.

Sri Lankan consumers and businesses that rely on dollar-denominated imports or transactions will feel the impact of these shifts, particularly as the country continues its economic recovery path under its International Monetary Fund programme.

Currency watchers and financial analysts are likely to monitor the coming days closely to determine whether the Rupee stabilises or continues to ease against the Greenback.