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Sri Lanka rupee weaker, bond yields steady

sri lanka rupee notes coin

ECONOMYNEXT – Sri Lanka’s rupee was quoted around 180.90/181.10 to the US dollar amid restricted trade dealers said, while the one week forward was more active, and bond yields were flat, dealers said.

In the forward market, the rupee was quoted at 181.15/30 percent, in mid- morning trade, dealers said.

The rupee closed at 180.20/60 against the greenback in the spot market and 180.70/90 against the dollar in one-week forward market on Wednesday.

Sri Lanka entered a period of monetary instability, as the central bank started to print money to target a call money rate after the first week of August and then the rupee was floated with excess liquidity. Excess liquidity has now been mostly taken out.

In equities, Colombo’s All Share Price Index (ASPI) gained 1.37 points to 5,912.29 and the S&P SL20 index of more liquid stocks gained 0.53 percent or 15.51 points to 2,944.21 in the first half-hour of trade.

Market turnover was 101.8 million rupees with 34 stocks gaining and 24 falling.

Commercial Bank of Ceylon gained 1.40 rupees to 108.40 rupees a share, Dialog Axiata was up 10 cents to 10.70 rupees a share and Commercial Leasing and Finance gained 10 cents to 3.00 rupees a share, contributing to ASPI gain.

In the secondary bond market, gilt yields were stable in moderate trading, dealers said.

A bond maturing on 15.10.2021 was quoted unchanged at 8.80/90 percent on Thursday from Wednesday’s close.

A bond maturing on 15.03.2023 was quoted flat at 9.65/75 percent.

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A bond maturing on 15.06.2024 was quoted at 9.95/10.00 percent, up from 9.93/98 percent.

A bond maturing on 01.08.2026 was quoted at 10.05/12 percent, stable from 10.05/13 percent.

A bond maturing on 15.01.2027 was quoted flat at 10.05/10.15 percent.

A bond maturing on 01.05.2028 was quoted 10.10/25 percent, up from 10.05/20 percent.

A 20-year bond maturing on 15.08.2039 remained unchanged at 10.10/30 percent.
(COLOMBO 29 August 2019)

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