Sri lanka News – Sri Lanka rupee was quoted at 285/310 to the US dollar in the spot market Tuesday, while bond markets were mostly inactive with the ongoing bond auction, dealers said.
Commercial Banks were offering to sell dollars for telegraphic transfers at 299 rupees and buying between 275/289 rupees on Tuesday.
The central bank indicative spot rate was 294.98 rupees, flat from the previous day.
In the kerb market the US dollar had moved to around 350/360 rupees over the weekend and stabilized a little on Monday, market participants said.
Sri Lanka’s rupee has been made more flexible but a clean float has not yet been established.
Economists and analysts have urged the central bank to raise rates and halt a surrender rule that is taking dollars away from the banking system and creating rupees.
In the secondary market, bond yields were inactive with the onset of a 45 billion bond auction.
The bond is split into 25 billion at 10.25 percent maturing on 15/03/2025 and 20 billion at 13.00 percent maturing on 01/05/2029.