US Dollar reaches over 300 against Sri Lankan rupee for first time

Sri Lankan banks on Tuesday said US dollar reached over 300 against the country's rupee, LKR, for the first time, as the nation is facing a severe economic crisis with the shortage of foreign exchange

Sri Lankan banks on Tuesday said the US dollar reached over 300 against the country's rupee, LKR, for the first time, as the island nation is facing a severe economic crisis with the shortage of foreign exchange.

Local media reports quoting some local banks said the selling rate of one $1 had reached 310 LKR, while some banks were selling at 312 LR, reports Xinhua news agency.

Economists said this was the first time in Sri Lankan history that the US dollar hit the 300 mark against the LKR.

Sri Lanka is facing one of its worst economic crises in recent decades with a shortage of foreign exchange, which has led to a shortage of fuel and hours-long daily power cuts.

--IANS

ksk/