Sri Lanka, May 20 -- The Joint Apparel Association Forum (JAAF) said the recent depreciation of the Sri Lankan rupee must be viewed in the context of wider global pressures, including the conflict in the Middle East, rising global fuel prices and increasing shipping costs.

JAAF noted that a weaker rupee should not be interpreted as a sign that Sri Lanka's economy is underperforming, according to a statement.

This position is also consistent with recent comments by Central Bank Governor Dr. Nandalal Weerasinghe, who noted that exchange rate movement alone cannot be used as the sole measure of the country's economic health, as currency depreciation has a number of positive implications.

The Central Bank Governor has also pointed out that...