Sri Lanka rupee opens flat, stocks down

ECONOMYNET – Sri Lanka’s rupee was quoted at around 174.30/60 to the US dollar in the spot market shortly after opening, Wednesday morning around the same levels and Monday’s close of 174.45/55 to the US dollar while bond markets were quiet, dealers said.

Financial markets in Sri Lanka are opening after a holiday on Tuesday.

Stock stock were down 0.50 percent in the first half hour of trading.

Call money was quoted around 8.40/50 percent and gilt backed repos were also around the same levels.

In bond markets a three-year bond maturing on 15.10.2021 was quoted at 10.95/11.10 percent in a dull market flat from Monday’s close 11.00/15 levels dealer said.

A five-year bond maturing on 15.07.2023 was quoted wide at aorund 11.30/45 percent, up from Monday’s close 11.35/45 dealers said.

Sri Lanka is gripped by political crisis after ex-President Mahinda Rajapaksa was appointed by President Maithripala Sirisena as Prime Minister two weeks ago and the Speaker has not recognized the appointment.

There is to be party leaders meeting today.

Incumbent Prime Minister Ranil Wickremesinghe has insisted that he has the majority. On Tuesday, a deputy minister appointed by the Rajapaksa resigned. Parliament is to be recalled on November 14. (Colombo/Nov07/2018)





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