This morning the Canadian Dollar is trading at 146.77 against the Sri Lankan Rupee, up 0.14% with a YTD return of 5.06%. The pair’s open rate sat at 146.55 compared to the previous close of 146.56. CAD/LKR daily range will stay between 146.40 and 146.97, the 52-week range is anticipated to fluctuate between 127.22 and 147.15.
CAD/LKR has reached the highest exchange rate seen in the past five years; at the beginning of 2016, the pair sat at the 100.00 support level and has steadily increased since then jumping to the 110.00 level in 2017, then again to the 120.00 level in 2018 and finally passing the 130.00 level in 2019.
Over the past year, CAD has steadily gained traction, recovering from a slight dip below the 130.00 level in March when the pandemic hit. As the end of the year approaches, bullish traders will be pleased with the strength of the loonie, going from the 140.00 level to the 146.00 level within just a month.
“Rating agencies and financial institutions are attempting to brand Sri Lanka as a bankrupt country” according to former minister Basil Rajapaksa. He also stated that “the country has done well to meet its foreign debt obligations amidst the pandemic.”
LKR is forecasted to slowly recover moving into 2021 but this will be dependent on the country’s ability to stabilize their economy and shift focus to mitigating the long-term impact of the coronavirus pandemic within their own nation.
By Surina Nath