Sri Lankan rupee emerges as top performing currency among emerging markets

COLOMBO (XINHUA) – Sri Lankan rupee has emerged as a top-performing currency among emerging markets in the first quarter of 2024, boasting a remarkable spot return of over seven per cent, the President’s Media Division (PMD) said on Saturday citing Bloomberg market data.

The Sri Lankan currency has gained against the US dollar during recent weeks. The indicative rate of the US dollar against the Sri Lankan rupee reached the 300 rupee level earlier this month for the first time since June 13 last year, according to data from the Central Bank of Sri Lanka.

The Asian Development Bank in a recent report has projected Sri Lanka’s economy to grow 1.9 per cent in 2024 and 2.5 per cent in 2025, after two consecutive years of contractions.

City of Colombo, Sri Lanka. PHOTO: XINHUA

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