The Sri Lankan rupee, or LKR, is the official currency of Sri Lanka. It's used by over 22 million people in the country.
The LKR is divided into 100 cents, but coins are rarely used in transactions. Instead, people often use the LKR banknotes, which come in denominations of 10, 20, 50, 100, 200, 500, 1000, 2000, and 5000 rupees.
The LKR is pegged to the US dollar, but its value can fluctuate due to various economic factors. This means that the exchange rate between the LKR and other currencies can change frequently.
To give you a better idea, let's take a look at some common LKR conversion rates. For example, as of this writing, 1 USD is equivalent to approximately 182 LKR.
What is LKR?
The Sri Lankan Rupee, or LKR, is the official currency of Sri Lanka. It's divided into 100 cents.
The LKR is used for all transactions in Sri Lanka, and its value can fluctuate against foreign currencies. Any request for a price increment due to LKR depreciating against foreign currency will not be accepted and such bid will be rejected at the preliminary stage of bid evaluation.
You can find Sri Lankan currency in circulation, including coins and banknotes, in various denominations. The Sri Lankan rupee frequently appears as the currency abbreviation SLR to avoid confusion with other rupees.
The LKR is used for all financial transactions in Sri Lanka, including awards over Sri Lankan Rupees (LKR) Five Million, which should be registered with the Registrar of public contracts by the successful Bidders or their local agents.
Here are some key facts about the LKR:
- Awards over LKR 5,000,000 should be registered with the Registrar of public contracts.
- Refunds over LKR 5,000,000 will be made via RTGS if the Applicant has provided accurate and complete details of his bank account.
- The LKR is used for all financial transactions, including awards over LKR 500,000, which require a Contract/Agreement.
- Debentures are available in multiples of 100, with a minimum of 100 Debentures (LKR 10,000/-).
Converting LKR
Converting LKR is a straightforward process that involves understanding the exchange rate. The USD/LKR exchange rate is typically given, and it's essential to know what it means.
If the exchange rate is 181.26, for instance, it costs 181.26 SLR to buy one U.S. dollar. This rate can fluctuate, and if it rises to 190, the rupee has lost value.
To find out how many U.S. dollars can be bought with one LKR, you divide one by the USD/LKR rate. This will give you the LKR/USD rate, which can be calculated to be 0.0028.
This means a Sri Lankan rupee will buy about half a US cent. It's helpful to understand the relationship between the exchange rate and the value of the rupee.
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