Sri Lankan Rupee gained this distinguished achievement remarking over 7 % spot returns, Bloomberg market data showed.
Kazakhstani Tenge and Mexican Peso have possessed the 2nd and 3rd places indicating 2.54% and 2.41% spot returns respectively.
Market Analysts show that Sri Lanka has secured this position due to the dedicated works corresponding to the given guidelines of IMF
Frontier research further tells that the consistence reserve accumulation and the surplus of reserves that had been gathered due to the focus in strengthening the foreign reserves has led to this circumstance.
The anticipated reserve accumulation for the 2023 was 1.2 billion of US Dollars as according to the first review of IMF but the reserve value was at around 1.3-1.5 billion in the 2023, exceeding the anticipated number and making a surplus. This was the major driving force for Sri Lanka to be at the highest position in currency which played against the US Dollar
Continuous remittance flows in to the country and the crash of imports which led to the considerable downfall in Demand in dollars is the primary reasons for this accumulation in surplus.
Since the second half of 2023, the rupee has been ticking up as it appreciated by 12.1% against the US dollar in 2023.
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