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Sri Lanka rupee ends flat, gilt yields down

ECONOMYNEXT – Sri Lanka rupee closed flat at 185.80/90 to US dollar in the spot market on Friday close while bond yields eased after the monetary policy rate cut, dealers said.

Rupees closed on Thursday at 185.80/95 to the US dollar.

Liquidity in the overnight money market was 166.68 billion rupees, up from 160.92 billion rupees at yesterday’s end.

In the secondary government securities market, gilt yields were down in active trading, dealers said.

Dealers said the maturities ranging from 2022 to 2024 were seen liquid in the market for the day.

Sri Lanka’s Central Bank cut its monetary policy rate by 100 basis points bringing the rate at which money is injected to the banking system at 5.50 percent and the rate at which excess money is withdrawn to 4.50 percent yesterday.

Sri Lanka is also offering 40 billion rupees in treasury bonds on July 13.

A 2-year bond maturing on 15.12.2022 closed at 5.45/48 percent on Friday, down from 5.50/53 percent at Thursday’s close.

A bond maturing on 15.01.2023 closed at 5.53/57 percent, easing from 5.60/63 percent at Thursday’s close.

A bond maturing on 15.09.2024 closed at 6.23/28 percent, down from 6.28/34 percent at Thursday’s closing.

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A bond maturing on 01.05.2025 closed at 6.35/43 percent on Friday, slipping from 6.45/53 percent at Thursday’s closing.

A bond maturing on 01.02.2026 closed at 6.50/60 percent, down from 6.60/70 percent.

A bond maturing on 15.10.2027 closed at 6.60/75 percent, falling from 6.75/83 percent at Thursday’s end. (Colombo/July10/2020)

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