Sri Lanka treasury secretary says appreciation of rupee is unavoidable

COLOMBO: Appreciation of Sri Lanka's rupee is unavoidable due to higher export earnings and inflows from services, the island nation's Treasury Secretary P.B. Jayasundera said on Thursday.

"Appreciation of the exchange rate is unavoidable," Jayasundera told a capital market conference in Colombo adding that a 12-16 percent growth in exports and inflows including an annual revenue of $2 billion from tourism.

The rupee, which is largely under upward pressure has been broadly steady since February this year due to central bank buying dollars from the market to prevent any sharp volatility.