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Sri Lanka rupee ends weaker at 201.00/202.50 to one week dollar

ECONOMYNEXT – Sri Lanka’s rupee closed weaker at 201.00/202.50 to the one week US dollar on Wednesday while gilt yields were flat on dull trade, dealers said.

The rupee last closed in the one-week forward market at 201.00/202 to the US dollar on Tuesday.

Sri Lanka is having its policy review meeting tomorrow.

In the secondary market bond yields are flat in dull trade, dealers said.

Sri Lanka’s debt office offered 45 billion rupees bills in an auction held today but sold on 18.9 billion rupees.

The last 4 bond auctions and including today’s bills auction, for the consecutive 5 weeks the bills auction have been undersubscribed.

The bonds and bills auctions were undersubscribed by a considerable amount reflecting the lack of clarity in the market with the current economic conditions, FirstCapital Market Research said in its report.

FirstCapital Market Research said in its pre-policy review report that it expects are rate cut given the secondary market condition with bills and bonds auctions being undersubscribed consecutively in considerable amounts to sustain the market at lower levels.

The 45 billion bills were split in to 10 billion rupees maturing in 3-months, 15 billion rupees maturing in 6-months and 20 billion rupees maturing in 12-months.

In 3-month bills 17.4 billion rupees were sold at 5.08 percent, up 04 basis points, after offering 10.0 billion rupees.

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In 6-month bills 1.2 billion rupees were sold at 5.12 percent, up 02 basis point after offering 15 billion rupees.

In 12-month bills 200 million rupees were sold at 5.15 percent up 4 basis points, the price-controlled yield, after offering 20 billion rupees.

A bond maturing on 15.12.2022 closed at 5.90/95 per cent on Wednesday, up from 5.85/92 per cent on Tuesday.

A bond maturing on 15.11.2023 closed at 6.35/43 per cent on Wednesday, steady from 6.35/45 per cent on Tuesday.

A bond maturing on 01.12.2024 closed flat at 6.65/75 per cent from Wednesday.

A bond maturing on 01.05.2025 closed flat at 6.80/7/00 per cent.

A bond maturing on 15.02.2026 closed at 7.10/25 per cent, up from 7.10/20 per cent.

A bond maturing on 15.08.2027 closed at 7.50/80 per cent, wider from 7.45/65 per cent on Tuesday.

A bond maturing on 01.05.2029 closed flat at 8.00/20 per cent from Tuesday.

A bond maturing on 15.05.2030 closed at 8.00/30 per cent on Wednesday, up from 7.90/25 per cent. (Colombo/April07/2021)

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