Jul 03, 2021

Dollar shortage in commercial banks spikes dollar prices in black market in Colombo

A U.S. dollar is now being traded between Rs 222/- and Rs 225/- in the black market, sources said, despite the dollar price having been fixed between Rs 199 and Rs 202 by the Central Bank.

It said the value of the dollar has increased in the black market _in the commercial streets in Colombo city _ due to the current shortage of dollars in the commercial banks.

On the other hand, due to the speculations that the rupee would be further depreciated against the dollar, the traders in the currency black market have spiked the dollar prices.

HOwever, increasing the dollar prices is an illegal act and it is learnt that the Central Bank had warned the traders not to do so because they run their business on a license obtained from the government.