US dollar at Rs.275 in official Colombo money markets

News

The US dollar was trading at Rs.275 on Wednesday in Sri Lanka’s money markets while the kerb (unofficial) market rate had hit Rs.300 per dollar, traders said.

“Importers are buying the dollar at Rs.275 and this high rate would seriously impact on the cost of living,” one money market trader said adding that the Central Bank should intervene in the market or impose stiff penalties on those trading in the unofficial market.

When the dollar was floated and rose to Rs.260 on March 7, there was an immediate hike in the prices of essential goods including fuel, wheat flour and cement. “At the current rate, prices of essential goods will go up again and it’s going to be difficult for the middle class and low income groups to survive,” the trader said.

While the Central Bank is short of dollars to intervene and stabilise the rupee, it should impose stiff penalties under its earlier announcement of taking action against those who use the unofficial market which is now trading at Rs.300 per dollar.

“The cost of living will be unbearable if the dollar starts rising at these levels. The Central Bank has to step in,” the trader said.

Comments

Still No Comments Posted.

Leave Comments

Most Reviews

May 31, 2025

- 506 - 0

Flt Lt Kasun Cumaratunga , more than a pilot, a guardian remembered on his 37th death anniversary

Kasun, was born in 28th Sept 1964, the grandson of the legendary author and linguist Munidasa Cumaratunga and son of SSP Bindu Kumaratunga and Winifred

June 2, 2025

- 473 - 0

National Tax week launched

The Inland Revenue Department (IRD) backed by the Excise and Customs Department today launched a fresh drive to collect taxes including some Rs.780 billion listed as ‘collectable defaults’.

June 2, 2025

- 373 - 0

SriLankan Airlines’ new A330 Fleet to perform low fly past over Colombo on Wed.

June 3, 2025

- 218 - 0

Krishanthi Kumaraswami convicts FR dismissed by SC

The Supreme Court today unanimously dismissed a Fundamental Rights petition filed by five convicts in the 1996 Krishanthi Kumaraswamy abduction, rape, and murder case.

June 6, 2025

- 216 - 0

SriLankan flight grounded in Indonesia

A SriLankan airlines flight has been grounded in an airport in Indonesia due to a technical defect leaving 93 passengers stranded, an official said.

June 5, 2025

- 176 - 0

Former Sri Lanka spinner Sachithra Senanayake indicted

Former international spinner Sachithra Senanayake is set to become the first Sri Lankan cricketer indicted under the country’s Prevention of Offences Relating to Sports Act (Act No. 24 of 2019).