By The Pulseline News Desk
The country’s currency market witnessed a dramatic shift today (22) as the rupee strengthened significantly in the inter-bank foreign exchange market, prompting both cautious optimism from the government and renewed political pressure from the opposition over the country’s economic direction.
Deputy Finance Minister Anil Jayantha Fernando announced that the middle value in the inter-bank market had fallen to Rs. 330 from Rs. 350 recorded the previous day, while the bidding rate stood at Rs. 327 and the expected selling rate hovered around Rs. 332.
Calling the development “good news for the public,” Fernando said the appreciation of the rupee could ease pressure on consumers who have struggled for years with soaring prices, import restrictions, and high living costs following Sri Lanka’s economic collapse in 2022.
“The strengthening of the rupee brings relief to ordinary people,” he said, while cautioning against speculation and panic-driven financial decisions.
Govt warns against speculation
Fernando suggested that some individuals and groups had anticipated a further depreciation of the rupee to Rs. 360 or even Rs. 400 against the US dollar, allegedly for political or commercial gain. He warned that misinformation and emotionally driven reactions could trigger unnecessary losses, particularly in vehicle imports and foreign exchange transactions.
The Deputy Minister emphasised that economic policy must be guided by verified data rather than rumours circulating in financial circles and social media.
He also assured that the government and the Central Bank of Sri Lanka (CBSL) were closely monitoring developments and would take “systematic and fact-based” measures to stabilise the market.
Drawing parallels with the country’s recent economic crisis, Fernando recalled how misinformation had intensified public panic during the foreign exchange shortage and debt default period.
Sri Lanka suffered its worst economic crisis in decades in 2022, when foreign reserves collapsed, fuel and medicine shortages gripped the country, and the rupee experienced a steep depreciation. Since then, currency stability has remained one of the most closely watched indicators of economic recovery.
Opposition demands urgent debate
Despite the government’s optimistic tone, the opposition has expressed concern over what it describes as a worsening currency situation and a lack of transparency in economic management.
Opposition Leader Sajith Premadasa, accompanied by several party leaders, formally requested an urgent parliamentary debate following a meeting with Speaker Jagath Wickramaratne on Thursday.
In a statement posted on X, Premadasa said the rupee was “under tremendous pressure” and criticized the absence of clear policy communication from the government.
“The public deserves honesty and immediate action before the situation gets worse,” he said.
The opposition’s intervention reflects growing political sensitivity surrounding exchange rate fluctuations, which directly affects inflation, imports, debt servicing, and public confidence in the economy.
Public watching closely
For many Sri Lankans, movements in the rupee are more than financial statistics. Exchange rate fluctuations influence the prices of essential goods, fuel, medicines, school supplies, and imported vehicles.
Currency appreciation can reduce import costs and ease inflationary pressures, but economists also note that sharp and sudden movements may create uncertainty for exporters and businesses reliant on foreign exchange planning.
As debate intensifies between the government and opposition, markets and citizens alike are likely to watch closely for signals from the Central Bank and policymakers in the coming days.
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