Crowds eager to convert Dollars to Rupees | Daily News
Rupee Appreciation results in busy time at exchange centres

Crowds eager to convert Dollars to Rupees

Dollar likely to fall further due to the Rupee strengthening this month
Several customers at a money exchange dealer.Picture by Sudath Nishantha
Several customers at a money exchange dealer.Picture by Sudath Nishantha

Due to the strengthening of the Sri Lankan Rupee against the US dollar and the value of the dollar falling daily, a large number of people were seen coming to foreign exchange centers to convert their dollars into rupees.

As of yesterday (9), according to data of the Central Bank of Sri Lanka, the purchase price of an American dollar was Rs. 313.77 and selling price was recorded as Rs. 331.05.

Nevertheless, the buying rate of a dollar at private foreign exchange centres yesterday (9) was Rs. 308. We also found out that buying is only done if there are more than US$ 100. It is possible that attempts are being made in this way, to sell off dollars   even at a low price because they may have been received via Undial or illegally.

They are trying to sell their dollars at a lower price than the noted price of the Central Bank, saying that the buying rate of a Dollar will fall further due to the strengthening of the Rupee in the near future.

The dollar was selling at Rs. 358.45 a week ago. Currently, the dollar is falling rapidly with the strengthening of the rupee. We found some private exchange centres reluctant to exchange dollars without a passport, as well as places that compulsorily ask for a passport. This is because they believe that after receiving these dollars, they may have to face inconveniences.

People holding dollars were seen moving to other places after getting to know the buying rate of a dollar at exchange centers. They were doing so in order to sell their dollars to the place where the dollar buying rate was at the highest.

With the strengthening of the rupee, it was apparent that prices of consumer goods required for daily use in the market are also falling.

 

 

 


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