Sri Lanka markets open after weekend, rupee flat

Sept 10, 2007 (LBO) – The Sri Lanka rupee was quoted at 113.25/28 flat against the spot dollar Monday with overnight call money peaking at 16.00 before easing to 14.00 percent in liquid conditions, dealers said. The six month forward dollar fell slightly to 120.95 levels from an earlier level of 121.11.

Dealers were closely watching developments in the US and whether the Federal Reserve would cut rates.

“The changes in forward selling is on interest rate speculation rather than active exporter selling,” a dealer told LBO.

Meanwhile the Central Bank of Sri Lanka said it was putting off this month’s monetary policy announcement to September 23 from the original date of September 14.

In equity markets, the benchmark all share index was up 5 points at noon with one million JKH shares being traded at 113.00 up 50 cents.

Sathosa Motors was up 7.50 at 127.50 rupees and Chemanex was up 9.00 at 144.00

Walker and Grieg shares traded 1.6 million shares at 23.00, up 1.75 rupees.

Shares had clocked up 300 million in turnover at noon