Sri Lanka rupee slides to new low, stocks open flat
ECONOMYNEXT – The Sri Lanka rupee continued to extend a record low against the US dollar in early trading Wednesday, with stocks gaining a marginal 0.03 percent, brokers and dealers said.
The rupee extended its record low to 157.35/40 rupees against the US dollar in the spot market on importer demand fuelled by excess liquidity injected by the central bank, analysts and dealers said. The US dollar closed at 157.20/30 rupees the previous day.
Gilt yields continued to increase, dealers said.
A five year bond maturing in 2023 was at 10.08/18 percent in two-ways quotes in early trading, up from the previous day’s closing of 10.05/15 percent.
A ten-year bond maturing in 2028 was trading at 10.30/40 percent, unchanged from the previous day.
The Colombo All Share index was up 1.68 points to 6,518.39 in early trading Wednesday, and the S&P SL20 index of more liquid stocks gained 0.16 percent, up 5.98 points to 3,687.58.
Market turnover was 76.5 million rupees.
Sampath Bank was trading 7.70 rupees higher at 319 rupees and HNB was unchanged at 244.50 rupees.
John Keells Holdings gained 2.60 rupees to 164 rupees while Chevron Lubricants was down 1 rupee to 96 rupees. (COLOMBO, 25 April, 2018)