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Sri Lanka rupee ends firmer, gilt yields fall

ECONOMYNEXT – Sri Lanka rupee closed stronger at 181.35/45 percent to the US dollar in the spot market on Friday while bond yields eased in the secondary market, dealers and brokers said.

The rupee closed at 181.40/50 to the greenback on Thursday.

Liquidity in the overnight money market was 25.85 billion rupees, down from 43.26 billion rupees at Thursday’s close.

Banks deposited 31.73 billion rupees through Central Bank’s excess liquidity window.

In the secondary market, gilt rates fell in active trade, dealer said.

Dealers said they witnessed considerable drop-in rates throughout the month due to tax cuts and rate cuts.

Dealers said the liquidity centered on 2023, 2024 and 2027 maturities.

A bond maturing on 15.12.21 closed at 8.40/60 percent on Friday, stable from 8.45/50 percent at Thursday’s close

A bond maturing on 01.09.2023 closed at 8.93/9.03 percent, falling from 8.95/9.00 percent at Thursday’s close.

A bond maturing on 15.09.2024 closed at 9.22/27 percent on Friday, gaining from 9.20/24 percent.

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A bond maturing on 15.10.2027 closed at 9.40/55 percent steady from 9.40/45 percent a day earlier.

A bond maturing on 15.09.2034 closed at 9.40/55 percent, falling from 9.45/65 percent at Thursday’s close.

The Central bank cut its policy corridor by 50 basis points to 7.50 percent and 6.50 percent yesterday in its first monetary policy review.
(Colombo/Jan31/2020)

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