Sri Lanka rupee marginally stronger; stocks open higher

ECONOMYNEXT – Sri Lanka’s rupee was quoted marginally stronger against the US dollar in early trading Tuesday despite exporter holdbacks, dealers said.  

The rupee was quoted at 159.75/160.00 against the US dollar in the spot market Tuesday, after opening marginally stronger at 159.40/80 rupees, dealers said.

The rupee hit a low of 159.50/90 rupees against the US dollar the previous day on importer demand and exporters holding back conversions.

The central bank had not intervened by midday Tuesday and dealers said they expected actual trades will not cross beyond 160 rupees to a US dollar.

Meanwhile, gilt yields rose slightly in early trading ahead of the weekly Treasury bill auction.

A five year bond maturing in 2023 was quoted at 10.42/46 percent, down from 10.45/50 percent the previous close.

A ten year bond maturing in 2028 was quoted at 10.62/69 percent, down from 10.67/75 percent the previous day.

Equities gained marginally in early trading. The Colombo All Share index was 0.05 percent higher, gaining 3.03 points to 6,355.64.

Commercial Bank was 10 cents higher at 128 rupees and Access Engineering was 20 cents lower at 16.50 rupees. (COLOMBO, 12 June 2018)


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