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Rupee appreciates further

Economic analysts have said that Sri Lanka must control the flow of overseas aid into the country to prevent its currency from further rising against the dollar and the yen.

The rupee appreciated further yesterday recording a buying rate of 97.59 and a selling rate of 99.54 against the dollar.

According to reports, Raghuram Rajan, Chief Economist at the International Monetary Fund said that aid running into hundreds of millions of dollars may further increase the demand for the Sri Lankan rupee, strengthening the currency and hurting exports.

Sri Lanka's rupee was the world's best performing currency last week against the dollar and yen.

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