Sri Lanka, June 26 -- Expanding the use of local currencies in trade transactions between Sri Lanka and India could significantly reduce pressure on the US dollar and help stabilize the country's foreign exchange market, Export Development Board (EDB) Chairman and Chief Executive Officer Mangala Wijesinghe said.

Addressing a media briefing at the Department of Government Information on Tuesday (24) to discuss export sector performance in May, Wijesinghe said Sri Lanka aims to increase rupee-based transactions with India by 25 percent within the next year. Responding to a question from a journalist regarding ongoing discussions on the use of rupees for export and import transactions between the two countries, he noted that such a mechanis...