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Sri Lanka rupee strengthens after forex surrender suspension

ECONOMYNEXT – Sri Lanka’s rupee closed slightly firmer at 198.50/199.00 levels to the US dollar in the one week forward market on Thursday after hitting a new low at 202/303 levels on Wednesday dealers said while the bond yields remained unchanged.

The rupee last closed in the one-week forward market at 202/303 to the US dollar on Wednesday.

Sri Lanka has temporarily lifted a requirement imposed on banks to surrender 10 percent of remittances converted to rupees and 12.5 percent of export receipts to the central bank, boosting dollar availability.

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Sri Lanka suspends forex surrender requirement

In the secondary market bond yields remained unchanged on dull market trade, dealers said.

A bond maturing on 15.12.2022 closed at 5.85/90 per cent on Thursday, up from 5.80/90 per cent on the previous day.

A bond maturing on 15.11.2023 closed flat at 6.25/35 per cent on Thursday from Wednesday.

A bond maturing on 01.12.2024 closed at 6.68/78 per cent on Thursday, up from 6.55/65 per cent on Wednesday.

A bond maturing on 01.05.2025 closed at 6.75/90 per cent, down from 6.80/7.00 per cent.

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A bond maturing on 15.02.2026 closed at 7.05/10 per cent, down from 7.10/20 per cent.

A bond maturing on 15.08.2027 closed at 7.45/55 per cent, down from 7.50/60 per cent on the previous day.

A bond maturing on 01.05.2029 closed at 8.10/30 per cent, up from 8.00/30 per cent on Wednesday.

A bond maturing on 15.05.2030 closed at 8.00/30 per cent, from 8.15/55 per cent. (Colombo/March18/2021)

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