Sri Lanka rupee opens weaker, stocks flat
Aug 17, 2018 10:32 AM GMT+0530 | 0 Comment(s)
ECONOMYNEXT - The Sri Lanka rupee opened weaker against the US dollar on importer demand as bonds edged higher and stocks opened flat amidst buying in John Keells Holdings, dealers and brokers said.
The rupee opened weaker at 160.45/50 rupees against the US dollar in the spot market on importer demand, dealers said.
Dealers said importer demand for the greenback is unusually high for this time of year. Importer buying tends to pick up from about October onwards ahead of the Christmas season, they said.
The US dollar closed Thursday on a broader range of 160.35/50 rupees in two-way quotes after hitting a new low of 160.55 rupees in intraday trading.
Excess rupee liquidity in the interbank money market has driven import demand in recent weeks.
The interbank market was excess by 34.91 billion rupees on Thursday, down from 54.58 billion rupees last Tuesday. Excess liquidity had increased from about 10.3 billion rupees on 25 July.
Gilt yields edged higher in early trading in the secondary market for government securities with foreign inflows improving, dealers said.
A five-year bond maturing in 2023 opened at 9.90/97 percent in two way quotes, up from 9.88/97 percent the previous day.
A ten-year bond maturing in 2028 opened at 10.25/40 percent, from 10.25/35 percent the previous day.
In equities, the Colombo All Share index opened 0.06 percent lower, down 3.81 points to 6,079.78, and the S&P SL20 index of more liquid stocks was 0.05 percent higher, up 1.75 points to 3,249.91.
Market turnover was 123.4 million rupees.
Chevron Lubricants Lanka was 80 cents higher at 89.10 rupees, and John Keells Holdings was trading 60 cents higher at 138.80 rupees.
Sampath Bank was trading 20 cents lower at 278 rupees and Richard Pieris was down 20 cents to 10.30 rupees. (COLOMBO, 17 August 2018)