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Sri Lanka rupee ends flat, gilt yields fell while global markets grapple with coronavirus

ECONOMYNEXT- Sri Lanka rupee closed steady at 181.55/60 to the US dollar in the spot market on Tuesday, while bond yields eased, dealers and brokers said.

The rupee closed at 181.55/65 to the greenback on Monday.

Liquidity in the overnight money market was 33.52 billion rupees, up from 32.50 billion rupees at yesterday’s close.

Banks deposited 24.18 billion rupees through Central Bank’s excess liquidity window.

Central Bank mopped up 9.70 billion rupees at 7.50 percent in an overnight repo auction.

In the secondary bond market, yields eased in moderate trading, dealers said.

Dealers said buying pressure centered on long-term bonds ahead of the monetary policy announcement and the bond auction and its too early for them to determine the impact of coronavirus on Sri Lanka’s equity market just yet.

First Capital Research said the secondary market witnessed buying interest from local counterparties and it mainly centered on the mid to long tenor maturities.

The impact of coronavirus on tourism and manufacturing sectors has battered global equity and oil markets.

News Agency Wall Street Journal reported Brent crude futures, the global oil benchmark, recording a 2.3 percent or close to 59.32 US dollar a barrel fall in price, a three-month low due to the coronavirus.

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China’s first-quarter economic growth is expected to slow down with Chinese authorities extending travel restrictions as the death toll reaches 100.

The virus has also curbed the consumer spending of the Chinese during its New year.

A bond maturing on 15.12.2021 closed at 8.65/80 percent on Tuesday, down from 8.70/85 percent from its last closing.

A bond maturing on 01.09.2023 closed at 9.20/25 percent today falling from at 9.30/35 percent on Monday.

A bond maturing on 15.09.2024 closed at 9.40/44 percent on Tuesday, sliding from 9.51/56 percent on Monday.

A bond maturing on 15.10.2027 closed at 9.55/65 percent today easing from 9.68/72 percent on Monday.

A bond maturing on 15.05.2030 closed at 9.75/85 percent down on Tuesday, after coming closing at 9.86/93 percent yesterday.

A bond maturing on 15.09.2034 closed at 9.85/10.00 percent, also falling from 9.93/99 percent from its previous close.
(Colombo/Jan28/2020)

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