Shiran Fernando, Chief Economist of the Ceylon Chamber of Commerce , notes that in the year 2017, currencies like Sri Lanka benefited from a better environment globally, supported by a weaker US dollar. In a comment to Groundviews , he explained that this year, factors such as a strengthening US dollar – which is based on improving indicators in the US economy and expectations for further interest rate hikes – coupled with the US-China trade wars have dampened global investment confidence. The impact has been felt therefore in emerging markets like Sri Lanka. He clarified that currencies of India and Pakistan have seen above 10% depreciation against US dollar so far this year, while the Indonesian rupiah has lost almost 10% and is currently at its lowest level since the Asian financial crisis two decades ago.
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