The opening value of the Sri Lanka Rupee against the US dollar in the money market this morning was selling rate 130.60 and buying rate 130.55. However at close the Sri Lankan Rupee showed an upward trend against the US$ with a selling rate of 130.55 and buying rate of 130.50.

This indicates an appreciation of the Rupee against the US dollar by five cents at close.

Analysts point out that the reason for this upward trend is the Sri Lanka Central Bank issuing Sri Lanka Development Bonds yesterday and raising US dollars 187 million and these dollars reaching the money market thus creating an excess in US dollars.