Sri Lankan Rupee Surges 2.7%, Leading Asia FX After Hitting 3-Year Low
Updated
Updated · Bloomberg · May 22
Sri Lankan Rupee Surges 2.7%, Leading Asia FX After Hitting 3-Year Low
1 articles · Updated · Bloomberg · May 22
The Sri Lankan rupee jumped as much as 2.7% against the dollar on Friday, its biggest one-day gain since March 2023 and enough to make it Asia’s best-performing currency.
That rebound snapped a nine-session losing streak and reversed Thursday’s slide, when the rupee had fallen to a three-year low.
The move marks a sharp turnaround in Sri Lanka’s currency trading within 24 hours, underscoring how quickly pressure on the rupee eased after the prior selloff.
After its best day in years, is the Sri Lankan rupee's historic collapse finally over, or is worse yet to come?
Could a radical return to a 1950s-style currency system be the only way to save Sri Lanka's modern economy?