Sri Lanka rupee opens firmer, bonds wider

ECONOMYNEXT – The Sri Lanka rupee opened firmer at 176.45/60  rupees against the US dollar in the spot market Monday, while bond yields were steady and stocks were flat in the first hour of trading, market participants said.

The rupee closed Friday at 176.50/55 rupees against the US dollar.

Sr Lanka’s rupee peg with the US dollar has strengthened in 2019 as private credit fell.

In the secondary market, gilt yields were wider due to uncertainty, dealers said. In April the government converted dollars to meet domestic expenses, pushing rates lower.

The government is expected to see revenue weaknesses following the fall in credit which had also slowed imports, along with the suicid blasts.

On Friday market excess liquidity fell as the central bank continued sell down its Treasury bill stock, permanently mopping up liquidity. 

There were also some foreign investor sales. On Monday bond yields were wider.

A bond maturing on 15.12.2021 was quoted at percent 9.60/75 percent, steady from the previous close of 9.60/70 percent.

A bond maturing on 15.03.2023 was quoted at  10.05/15 percent, up from the previous closing of 10.00/10 percent.

A bond maturing on 15.03.2024 was quoted at 10.25/30 percent, gaining from 10.22/30 percent.

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A bond maturing on 01.08.2026 was quoted at 10.50/60 percent, up from 10.45/55 percent.

A bond maturing on 15.01.2027 was quoted flat at 10.55/65 percent.

A 10-year bond maturing on 01.05.2029 was quoted at 10.65/75 percent, up from 10.57/65 percent.

In equities, Colombo’s All Share Price Index (ASPI) opened higher at 0.05 percent or 2.02 points higher at 5,298.83 and the S&P SL20 of more liquid stocks opened 0.19 percent or 4.47 points higher at 2,464.66. Melstacorp was 1.20 rupees down at 38.80 rupees a share, contributing to the ASPI decline. (COLOMBO, 10 June, 2019)
 

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