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Sri Lanka rupee ends weaker, gilt yields flat

ECONOMYNEXT – Sri Lanka rupee ends weaker at 184.90/185.20 to the US dollar in the spot market on Tuesday while gilt yields flat in dull market trade, dealers said.

The rupee closed at 184.30/45 to the US dollar on Monday.

The country brought in many tax reforms and concessionary loan schemes at the 2021 budget presented today. One of the highlights was to encourage savings, health insurance premiums, investments in treasury bills and bonds, mortgage payments and investment in companies of up to Rs100,000 per month to be deductible (qualifying payments) in calculating the income for tax purposes.

However, in the secondary securities market, bond yields remained unchanged, dealers said.

FirstCapital Market Research said that the “bond market at a standstill”.

“The secondary bond market witnessed ultra-thin volumes during the day, while the activities were at a standstill as the market participants held their breaths waiting for the key developments of the budget 2021.”

A 2-year bond maturing on 15.12.2022 closed flat at 5.75/85 per cent on Tuesday from the previous day’s closing.

A bond maturing on 15.01.2023 remained unchanged at 5.80/90 per cent from the previous day’s end.

A bond maturing on 15.09.2024 closed at 6.40/43 per cent on Tuesday, up from 6.37/40 per cent at the previous day’s end.

A bond maturing on 01.05.2025 closed flat at 6.45/55 per cent on Tuesday.

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A bond maturing on 01.02.2026 closed flat at 6.65/75 per cent from yesterday’s closing.

A bond maturing on 15.08.2027 closed at 7.02/10 per cent on Tuesday, steady from 7.02/08 per cent at the previous day’s end.

A bond maturing on 15.07.2028 closed at 7.17/25 per cent, up from 7.15/22 per cent.
(Colombo/Nov17/2020)

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