Sri Lanka rupee bid at 275 to US dollar at close, no float yet | Sinhala News

ECONOMYNEXT – Sri Lanka’s rupee ended the week with bids around 275 to the US dollar with no firm offers market participants said as an attempt is made to shift to a floating regime from a peg which had lost credibility due to money printed to keep interest rates down.

Commercial banks were offering to sell dollars at 275 rupees for telegraphic transfer and buy at 265 rupees on Friday.

The central bank was quoting an indicative spot middle rate of 267.87 dollars.

Economists have urged the central bank to raise policy rates to stabilize the rupee and end the current anomaly between dollar and rupee yields which were also creating forward discounts.

Bond markets were also inactive which could be partly attributed to a holiday on Thursday followed by the weekend, dealers said.

A bond maturing on 01.08.2024 was quoted at 14.18/28, slightly down from a day earlier. (Colombo/Mar18/2022)

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