The Sri Lankan rupee showed signs of stabilizing against the US dollar on Monday, with the central bank's daily exchange rate notice indicating a slight decline in the selling rate.
The Central Bank of Sri Lanka (CBSL) set the dollar buying rate at Rs. 331.66 and the selling rate at Rs. 341.30 for June 30.
This adjustment marks a modest retreat from recent highs, where the selling rate had surpassed the Rs. 342 mark for the first time in recent trading sessions.
The narrowing of the spread and the slight dip in the selling rate suggest that immediate selling pressure on the local currency has eased, though the rupee remains under broader depreciation trends.
The move comes as regional currencies face mixed pressures.
While the Sri Lankan rupee continues to navigate its post-crisis recovery trajectory, neighboring currencies like the Indian rupee have also experienced marginal weakness, losing approximately 0.2% over the past week amid a firmer greenback.