Sri Lanka’s rupee hits new low

Aug 28, 2013 (LBO) – Sri Lanka’s rupee hit a new low of near 135.00 to the US dollar in the spot next market Wednesday dealers said, while bond yields rose. The rupee opened at 133.20/30 to the US dollar and weakened rapidly, in mid-morning trade in one of the sharpest single day falls seen in recent months.

In bond markets a 5-year bond was quoted at a yield of 11.95/12.00 percent, dealer said.

During mid 2012 Sri Lanka’s rupee fell as much as 134.70 to the US dollars in the spot market, though trading is now conducted in the spot next market, where deals are settled three days later. Update II