Sri Lanka’s rupee opens wide, bonds steady

ECONOMYNEXT – Sri Lanka rupee opened wide around 173.60/174.50 to the US dollar in the spot market, reflecting uncertainty but around the same levels as Monday’s closing, while bonds were also steady, dealers said as a political crisis intensified.

The pot US dollar closed around 173.80/174.00 to the US dollar Monday. Call money was quoted around 8.40/45 percent dealers said.

In bond markets a three-year bond maturing on 15.10.2021 was quoted at 11.30/50 percent, up from 11.20/30 percent Monday, dealers said.

A five-year bond maturing on 15.07.2023 was quoted at 11.40/11.65 percent, up from the previous day’s closing of 11.40/60 percent.

On Monday rupee fell sharply and bonds yields rose, but stocks surged.

Sri Lanka’s parliamentary speaker, Karu Jayasuriya is due to meet party leaders later in the day, to decide whether to recall parliament, which was suspended by President Maithripala Sirisena.

Sri Lanka is in the grip of an unprecedented political crisis, following the appointment of Mahinda Rajapaksa as Prime Minister Friday. (Colombo/Oct30/2018)

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