UAE- Wait or remit money back home? Sri Lankan rupee free fall may continue
(MENAFN- Khaleej Times) The Sri Lankan rupee was trading at 153.00 against the US dollar on January 1, 2018, and dropped to 160.00 in H1 of 2018. It lost 4.5 per cent of its value against the UAE dirham by falling from 41.65 to 43.56 during the period.
The Lankan rupee is on a free fall against the US dollar because of the country's poor economic conditions mainly due to reduced earnings and increasing external debt.
Another five per cent depreciation is expected during H2 of 2018 if there is no improvement on the economic front.
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