Sri Lanka rupee opens steady, bonds inactive

ECONOMYNEXT – The Sri Lanka rupee opened steady at 181.75/90 rupees against the US dollar Tuesday while bonds were inactive, market participants said.

The currency closed weaker on Monday at 181.75/85 rupees against the greenback, compared to Friday’s closing of 181.60/65 rupees.

On Monday, the Central Bank called for proposals from investment banks to manage sovereign bond issues up to 2 billion US dollars, even as ratings agency Fitch said Sri Lanka was one of the frontier markets in Asia facing external pressure and debt refinancing risks this year.

The rating agency noted that in Asia it downgraded Pakistan and Sri Lanka in December 2018.

The secondary market for bonds was relatively inactive at opening with only a bond maturing in 2023 being quoted wide at 11.20/30 percent, compared to Monday’s closing of 11.23/28 percent. (COLOMBO, 22 January  2019)

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