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Sri Lanka rupee ends firmer, gilt yields flat as the election comes to a close

ECONOMYNEXT – Sri Lanka rupee closed stronger at 185.46/54 to the US dollar on Wednesday while bond yields were flat, dealers said.

The market closed half-day today as the country went for parliamentary elections.

The election closed at 1700hrs with over 70 percent turnout being reported in most districts by 1600hours as people voted amid Coronavirus health rules.

President Gotabaya Rajapaksa’s Sri Lanka Podujana Party is seeking a two thirds majority in the election.

The rupee closed at 185.50/55 to the greenback on Tuesday.

Liquidity in the overnight market was 157.94 billion rupees, up from 153.94 billion rupees at Tuesday’s close.

Dealers said that the 2025 and 2026 maturities were illiquid for the past few days while the other maturities too did not show high liquidity due to stagnant market movement.

In the secondary government securities market, bond yields were up in very dull trading, dealers said.

Sri Lanka’s debt office which is a unit of the central bank offered 35.5 billion rupees of bills at the auction and sold only 24.71 billion rupees as average yields hit a new rate ceiling.

A 2-year bond maturing on 15.12.2022 closed at 5.95/6.00 percent on Wednesday, unchanged from 5.95/6.00 percent at Tuesday’s close.

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A bond maturing on 15.01.2023 closed at 6.00/05 percent down from 6.02/05 percent at Tuesday’s close.

A bond maturing on 15.09.2024 closed at 6.32/38 percent down from Tuesday’s closing at 6.36/40 percent.

A bond maturing on 01.05.2025 closed at 6.60/70 percent on Wednesday, flat from yesterday’s closing.

A bond maturing on 01.02.2026 closed at 6.65/80 percent, unchanged from 6.65/80 percent from the previous close.

A bond maturing on 15.10.2027 closed at 7.00/15 percent, unchanged from 7.00/10 percent on Tuesday.

A 10-year bond maturing on 15.05.2030 closed at 7.35/45 percent, down from 7.37/45 percent on Tuesday. (Colombo/Aug05/2020)

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