📈 Rupee Strengthens Following CBSL's New Export Conversion Mandate

The Sri Lankan Rupee (LKR) appreciated significantly against the US Dollar today (June 10), driven by a strategic Central Bank of Sri Lanka (CBSL) policy shift to boost domestic liquidity. • Exchange Rate Movements: The US Dollar buying rate dropped from Rs. 332.38 to Rs. 324.66, while the selling rate fell from Rs. 342.08 to Rs. 335.39. • New Policy Directive: The appreciation follows an extraordinary gazette shortening the timeframe for exporters to convert foreign earnings into local currency. The previous three-month window has been reduced to just one month. • Key Mandate Details: All merchandise exporters (covering vital sectors like apparel & textiles and tea) must bring earnings into the country and convert the remaining balance—after authorized payments—into LKR on or before the 10th day of the following month.