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Sri Lanka rupee ends steady, gilt yields marginally up

ECONOMYNEXT – Sri Lanka rupee closed steady at 184.50/60 to the US dollar in the spot market on Tuesday while bond yields slightly edged up in moderate market trade, dealers said.

The rupee closed at 184.45/55 to the US dollar on Monday.

Sri Lanka’s COVID death toll stands at 40 after 4 new victims were reported today while a leading epidemiology expert urged the government to increase the PCR tests conducted from 12,000 tests currently to 40,000-50,000 PCR tests a day as the average cases reported on a day-to-day basis has gone up to 500.

Sri Lanka’s imports have picked up in September with imports rising to 1.52 billion dollars along with exports and private credit.

Imports were still down by around 200 million US dollars from the 1,711 million dollars recorded in 2019.

In September 2020 exports were 1,000 million dollars up from 954 million last year and workers’ remittances have also picked by around 200 million dollars though 205 million dollars in tourism revenues were lost, central bank data showed.

In the secondary securities market, bond yields were marginally edged up in dull market trade, dealers said.

“With the announcement of the treasury bond auction the secondary market yield curve slightly edged upwards across the board whilst overall market witnessed moderate volumes,” FirstCapital Research said in its daily market report.

Sri Lanka’s debt office is offering 75 billion treasury bonds to be auctioned on November 12.

Meanwhile the debt office is also offering 40 billion treasury bills to be issued through a weekly auction to be held tomorrow split in to 5 billion rupees maturing in 3-months, 11 billion rupees maturing in 9-months and 24-billion rupees matuing in 12 months.

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A 2-year bond maturing on 15.12.2022 closed at 5.65/70 per cent on Tuesday, up from 5.60/68 per cent at Monday’s closing.

A bond maturing on 15.01.2023 closed at 5.70/75 per cent on Tuesday, up from 5.65/75 per cent at Monday’s end.

A bond maturing on 15.09.2024 closed at 6.30/35 per cent, up from 6.18/25 per cent at the previous day’s end.

A bond maturing on 01.05.2025 closed at 6.40/50 per cent, up from 6.35/45 per cent at the last closing.

A bond maturing on 01.02.2026 closed at 6.60/65 per cent, marginally up from 6.58/62 per cent at previous day’s end.

A bond maturing on 15.08.2027 closed at 6.95/05 per cent, up from 6.88/95 per cent at Monday’s end.

A bond maturing on 01.07.2028 closed at 7.10/20 per cent, up from 7.08/18 per cent at the previous day’s closing. (Colombo/Nov10/2020)

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