Sri Lanka rupee opens steady: Rs10bn cash auction

ECONOMYNEXT – The Sri Lanka rupee opened at 137.70/90 to the US dollar Tuesday, around the same levels as the 137.80/90 closing yesterday, dealers said.

Money was quoted at 6.30/40 percent and gilt-backed repos at 6.40/50 and fell to 625/35 percent with excess liquidity going up, dealer said.

There was no intervention to stop the rupee from falling on Monday, dealer said.

Excess liquidity rose to 61 billion rupees on Monday from 51 billion on Friday indicating a dollar purchase by the monetary authority.

A 10 billion reverse repo auction was also announced on Tuesday, which will inject more liquidity to money markets.

There is also a 10 billion rupee bond auction today where 4,8,11 and 15-year bonds are offered.

The Central Bank ended heavy interventions in forex markets Friday after losing about a third of its gross foreign reserves. (Colombo/Sept08/2015 – update I)

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