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Sri Lanka rupee closes weaker at 199.50/200.50 levels to one week US dollar

ECONOMYNEXT – Sri Lanka’s rupee closed weaker at 199.50/200.50 to the one week US dollar on Wednesday while yields are flat in dull market, dealers said.

In the money markets, On March 23, banks deposited excess liquidity of 132 billion rupees in the excess cash window of the central bank at 4.50 per cent.

Some banks which were short of cash borrowed 32 billion rupees from the 5.5 per cent window, the highest since June 01, 2020.

Excess liquidity deposited in the window is at levels seen in 2015 when a soft-pegged currency crisis was triggered with large liquidity released based on the claim that inflation was too low.

In both cases, large volumes of excess liquidity were injected to keep rates at the bottom of the policy corridor.

The rupee last closed in the one-week forward market at 198.50/199.00 to the US dollar on Tuesday.

In the secondary market bond yields are flat in dull market trade, dealers said.

Sri Lanka’s debt office offered 45.0 billion worth of bills in an auction held today. And the auction was undersubscribed for the third consecutive session by a considerable amount while only 26 per cent of the total offered amount got accepted, FirstCapital Market Research said.

A bond maturing on 15.12.2022 closed at 5.80/85 per cent on Wednesday, down from 5.82/88 per cent on Tuesday.

A bond maturing on 15.11.2023 closed at 6.22/30 per cent down from 6.25/33 per cent.

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A bond maturing on 01.12.2024 closed at 6.63/70 per cent, up from 6.60/68 per cent.

A bond maturing on 01.05.2025 closed at 6.75/95 per cent, down from 6.80/95 per cent.

A bond maturing on 15.02.2026 closed at 7.02/10 per cent, down from 7.5/15 per cent.

A bond maturing on 15.08.2027 closed at 7.40/55 per cent, down from 7.45/55 per cent on the previous day.

A bond maturing on 01.05.2029 closed at 8.00/20 per cent, down from 8.05/25 per cent.

A bond maturing on 15.05.2030 closed at 8.00/30 per cent, down from from 8.05/55 per cent. (Colombo/March24/2021)

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