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Sri Lanka rupee close weaker, gilt yields steady

ECONOMYNEXT – Sri Lanka rupee closed weaker at 184.50/60 to the US dollar on Monday while bonds were steady as uncertainty looms, dealers said.

The rupee closed at 184.25/35 against the greenback on Thursday.

Sri Lanka extended the coronavirus curfew imposed in the Western Province till next Monday (09 November) as the infection cases and death continued to rise.

Out of some 5000 PCR tests conducted in Colombo, 1000 odd positive cases were found.

The island also reported its 22nd in-direct suicide death, recording almost 7 COVID-19 related deaths within a week.

Meanwhile, Sri Lanka’s gross domestic product is forecasted to shrink 1.7 per cent in 2020 and recover to a 5.0 per cent growth in 2021, the central bank.

In the secondary securities market, bond yields were steady while the overall the market was dull, dealers said.

Dealers said the investors have taken a wait and watch stance as the new outbreak in the country has created a sense of uncertainty.

“Commencing the new week of trading, the secondary market yield curve remained unchanged whilst the overall market witnessed limited activities amidst thin volumes,” FirstCapital Research daily market report said.

A 2-year bond maturing on 15.12.2022 closed at 5.57/60 per cent on Monday, up from 5.55/60 per cent at Thursday’s closing.

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A bond maturing on 15.01.2023 closed at 5.62/68 per cent, marginally gaining from 5.60/65 per cent at Thursday’s end.

A bond maturing on 15.09.2024 closed at 6.16/18 per cent, marginally up from 6.15/20 per cent.

A bond maturing on 01.05.2025 closed at 6.35/45 per cent, steady from 6.35/40 per cent at the last closing.

A bond maturing on 01.02.2026 closed at 6.55/64 per cent, down from 6.60/62 per cent at Thursday’s closing.

A bond maturing on 15.08.2027 closed flat 6.85/95 per cent.

A bond maturing on 01.07.2028 closed at 7.10/17 per cent on Monday, up from 7.08/12 per cent at previous day’s closing.

A 10-year bond maturing on 15.05.2030 closed flat at 7.40/50 per cent at previous day’s closing. (Colombo/November02/2020)

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