Sri Lanka rupee firmer amid intervention

ECONOMYNEXT – Sri Lanka rupee was bid around 186 to the US dollars with no offers, in intra -day trading on December 31, with activity muted amid moral suasion market participants said, while bond yields were flat.

There had been spot trades around 185.50 to the US dollar.

Sri Lanka’s central bank has said it would take aggressive action to keep a rupee peg to the US dollar around 185.

Sri Lanka however as excess liquidity in money markets, which when turned into credit would pressure the rupee and triggering reserve losses, analysts have said.

On Wednesday the rupee closed around 187.00/188.50 to the US dollar.

In the secondary securities market, bond yields remained unchanged in dull market trade, dealers said.

A 2-year bond maturing on 15.12.2022 was quoted at 5.70/75 per cent on Wednesday, unchanged from yesterday.

A bond maturing on 15.01.2023 was quoted at 5.73/80 per cent on Thursday, unchanged from yesterday.

A bond maturing on 15.09.2024 was quoted at 6.42/47 per cent, flat from last closing.

A bond maturing on 01.05.2025 was quoted at 6.50/60 per cent on Thursday, unchanged from yesterday.

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A bond maturing on 01.02.2026 was quoted flat at 6.75/85 per cent from the previous day.

A bond maturing on 15.08.2027 was quoted flat at 7.15/20 per cent, steady 7.15/20 per cent Wednesday.

A bond maturing on 01.07.2028 was quoted flat at 7.23/30 per cent, unchanged from the previous day.

A 10-year bond maturing on 15.05.2030 was quoted at 7.75/85 per cent, flat from Wednesday’s closing. (Colombo/Dec31/2020)

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