Sri Lanka rupee opens weaker, bond yields ease
Mar 21, 2019 10:10 AM GMT+0530 | 0 Comment(s)
ECONOMYNEXT- Sri Lanka's rupee opened weaker at 178.43/50 to the US dollar on Thursday in the spot market, while bond yields fell due to a dovish US Federal Reserve stance, dealers said.
The rupee closed at 178.40/45 to the US dollar in the spot market on Tuesday, which was the last day of market trading.
Dealers said the local bond market was active Thursday morning, reversing a quiet week seen so far, after the US Federal Reserve confirmed market speculation that it was going to maintain a dovish stance and will not raise benchmark rates in 2019.
Globally, gilt yields were seen falling, dealers said.
Locals were seen buying bonds ahead of anticipated foreign inflows to the market, and yields were easing, dealers said.
Twelve-month bills were quoted 10.40/47 at percent on Thursday, down from 10.42/52 percent at Tuesday's close.
A bond maturing on 01.08.2021 was quoted at 10.68/74 percent today, falling from the previous close of 10.72/78 percent.
A bond maturing on 15.07.2023 was quoted at 10.90/00 percent on Thursday, flat from Tuesday's close.
A new 5-year bond was quoted at 15.03.2024 was quoted at 11.00/05 percent today, down from 11.05/08 percent at Tuesday's close.
A bond maturing on 01.08.2026 was quoted at 11.12/20 percent on Tuesday, down from 11.15/25 percent at the previous close.
A bond maturing on 15.06.2027, was quoted at 11.25/30 percent on Thursday, stable from 11.25/35 percent at Tuesday's close.
A bond maturing on 01.09.2028, was quoted at 11.30/40 percent on Thursday, down from the previous close of 11.33/43 percent.
A newly-issued bond maturing on 01.05.2029 was quoted at 11.42/45 percent today, stable from Tuesday's close of 11.42/48 percent.
At the Colombo Stock Exchange, the All Share Price Index was flat at 5,591.61, after falling sharply on Tuesday.
The more liquid S&P SL20 Index was flat at 2,752.36.
Market turnover was 24.5 million rupees.
Around 61 percent of the turnover was on Nations Trust Bank, which was trading flat at 90 rupees per share. (Colombo/Mar21/2019-SB)