Sri Lanka’s Rupee Will Reverse Gains and Plummet 20%, Fitch Says
- Nation may find it challenging to stay on track of IMF program
- Heavy debt repayments, Fed tightening to also weigh on rupee
Sri Lanka’s rupee, which became the world’s best performing currency this year amid hopes of an International Monetary Fund bailout, may resume declines and lose a fifth of its value against the dollar by end-2023, according to Fitch Solutions.
“We are optimistic that Sri Lanka will be able to secure an IMF board approval by early 2Q 2023,” said Seah Wang Ting, country risk analyst at Fitch Solutions. Nevertheless, there’s potential for disruptions after the initial board approval as authorities may find it

