Sri Lankan Rupee Depreciates Further as US Dollar Hits Highest Point Since Late 2023

The Sri Lankan Rupee has continued to weaken against the US Dollar, with the selling rate reaching Rs. 329.92 on May 8, 2026, its highest level since December 27, 2023. Central Bank of Sri Lanka (CBSL) data shows the Rupee has depreciated by 3.6% against the US Dollar between January 1 and May 8, 2026. This depreciation is attributed partly to external pressures stemming from Middle Eastern conflicts that began in late February 2026. Additionally, CBSL's official foreign reserves saw a decline in April 2026, falling from USD 7026 million to USD 6759 million, influenced by foreign debt and postal payments.