ECONOMYNEXT – Sri Lanka’s rupee surges to 192/194 levels to the US dollar in the spot market on Friday, after opening at 203/203.50 levels to the one-week dollar, amid interventions, dealers said.
Sri Lanka rupee last closed at 199.50/200.25 levels to the US dollar in the spot market on Thursday.
Sri Lanka’s rupee has come under pressure amid money printing and low interest rates, despite the worst import controls since the 1970s.
Sri Lanka’s central bank has reduced interventions despite printing money, as reserves reduced. This week Sri Lanka got a 500 million dollar loan from China.
Bond markets were also quiet with few maturities being quoted, dealers said.
Bonds maturing on 15.12.2022 closed at 5.98/6.05 per cent on Friday, steady from 5.98/6.08 per cent on Thursday.
Bonds maturing on 15.11.2023 closed at 6.40/50 per cent on Friday, steady from 6.40/55 per cent on Thursday.
Bonds maturing on 15.12.2024 closed unchanged at 6.75/90 per cent.