Sri Lanka rupee at 196.00/197.00 to dollar in spot-next and one week’s

ECONOMYNEXT – Sri Lanka’s rupee was quoted weaker around 196.00/197.00 to the green back in both spot next and one week forwards Tuesday while bond yields eased after policy rates were held unchanged, dealers said.

Rupee last closed around 194.50/195.00 in the spot-next market on Monday against the greenback.

The central bank’s indicative spot rate was 193.6458 on January 19, up from 192.7447 on yesterday.

Sri Lanka’s central bank said it was holding its policy corridor at the current 4.5 to 5.5 percent amid negative forward premiums in forex markets and a steady drain on forex reserves.

Sri Lanka’s rupee has weakened sharply over recent weeks with private credit growing at moderately levels, and a confidence shock from a ‘stimulus’ involving a tax cut and money printing.

A 2-year bond maturing on 15.12.2022 closed at 5.40/48 per cent on Tuesday, up from 5.40/45per cent
at Monday’s end.

A bond maturing on 15.01.2023 closed at 5.43/53 per cent, up from 5.40/50per cent at the last closing.

A bond maturing on 15.09.2024 closed at 6.25/30 per cent, up from 6.20/25 per cent.

A bond maturing on 01.05.2025 closed at 6.45/50 per cent, up from 6.40/45 per cent at Monday’s end.

A bond maturing on 01.02.2026 closed at 6.65/75 per cent, up from 6.55/65 per cent at the last closing.

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A bond maturing on 15.08.2027 closed at 7.05/15 per cent, steady from 7.05/15 per cent at the last closing.

A bond maturing on 01.07.2028 closed flat at 7.20/40 per cent.

A 10-year bond maturing on 15.05.2030 closed steady at 7.60/75 per cent, steadyfrom 7.60/80per cent from last closing. (Colombo/Jan19/2021)

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