Sri Lanka rupee, stocks lower; bonds steady

ECONOMYNET – Sri Lanka’s rupee was quoted at around 176.70/80 to the US dollar in the spot market in mid-morning trade, slightly weaker from Friday, while stocks opened weaker and bonds were largely unchanged amid a continuing political crisis in the country, dealers said.

The rupee closed around Closed 176.50/65 to the US dollar Thursday.

The Colombo All Share Index opened weaker and was marginally down 0.05 percent in first half hour of trading.

A meeting of several parties with President Maithripala Sirisena ended with no resolution of the crisis yesterday and parliament is due to meet again on Monday, after brawling legislators affiliated with the Sri Lanka Podu Jana Party of Mahinda Rajapaksa threw objects at the Speaker.

A party leaders meeting will also take place.

In money markets call money was quoted at 8.80/9.00 percent, after a rate hike last week and liquidity was also released permanently through a cut in the reserve ratio.

In bond markets a three-year bond maturing on 01.03.2021 was quoted at around 11.40/60 percent on Monday from 11.50/60 percent on Friday.

A five-year bond maturing on 15.07.2023 was quoted at around 11.60/80 percent, up from Friday’s close of 11.65/75 percent.

An 8-year bond maturing on 15.06.2027 was quoted at around 12.20/30 percent, up from Friday’s close of 11.25/30 percent. (Colombo/Nov19/2018)

 

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