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Sri Lanka rupee quoted at 198.75/199.00 to one week US dollar

ECONOMYNEXT – Sri Lanka’s rupee quoted steady at 198.75/199.00 to the one week US dollar on Wednesday while yields are flat in dull market, dealers said.

In the money markets, On March 23, banks deposited excess liquidity of 132 billion rupees in the excess cash window of the central bank at 4.50 per cent.

Some banks which were short of cash borrowed 32 billion rupees from the 5.5 per cent window, the highest since June 01, 2020.

Excess liquidity deposited in the window is at levels seen in 2015 when a soft-pegged currency crisis was triggered with large liquidity released based on the claim that inflation was too low.

In both cases, large volumes of excess liquidity were injected to keep rates at the bottom of the policy corridor.

The rupee last closed in the one-week forward market at 198.50/199.00 to the US dollar on Tuesday.

In the secondary market bond yields are flat in dull market trade, dealers said.

A bond maturing on 15.12.2022 was quoted at 5.84/88 per cent on Wednesday, up from 5.82/88 per cent on Tuesday.

A bond maturing on 15.11.2023 was quoted at 6.25/30 per cent steady from 6.25/33 per cent.

A bond maturing on 01.12.2024 was quoted flat at 6.60/68 per cent on Wednesday.

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A bond maturing on 01.05.2025 was quoted flat at 6.80/95 per cent.

A bond maturing on 15.02.2026 was quoted at 7.05/10 per cent, steady from 7.5/15 per cent.

A bond maturing on 15.08.2027 was quoted at 7.45/55 per cent, steady from 7.45/55 per cent on the previous day.

A bond maturing on 01.05.2029 was quoted at 8.00/20 per cent, down from 8.05/25 per cent.

A bond maturing on 15.05.2030 was quoted at 8.05/50 per cent, from 8.05/55 per cent. (Colombo/March24/2021)

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