The Canadian Dollar is trading at 146.74 against the Sri Lankan Rupee this morning, up 0.27% with a YTD return of 5.15%. The currency pair had an open rate of 146.28 today, slightly lower than the previous close of 146.34. CAD/LKR will have a daily range between 146.24 and 146.83, the 52-week range is anticipated to fluctuate between 127.22 and 150.66.
Since dropping below the 130.00 support level in March when markets crashed due to the pandemic, CAD/LKR has steadily recovered, maintaining both the growth and strength of the loonie.
Over the last five years, CAD has gained momentum over LKR, gradually increasing from the 100.00 level in 2016, then jumping to the 110.00 level in 2017. In 2018 the CAD/LRK exchange rate moved again to the 120.00 level and in 2019 the exchange rate was floating around the 130.00 level. This year it took some more time but by December 2020 CAD/LKR managed to increase to the 140.00 level.
Analysts reported that LKR has a “depreciation rate of about 7.4%” this year; this is likely to pique the interest of traders looking to invest in currencies such as CAD or USD as exchange rates are forecasted to continue increasing as 2021 approaches.
By Surina Nath