Category: Economy and Markets
Sri Lanka rupee trades marginally lower against greenback
August 30, 2007 (LBO) – The Sri Lanka rupee traded at a low of 113.17 against the greenback and closed at 113.12/18 Thursday, a day after it broke the resistance level at 113 rupees, dealers said.The rupee traded at 113.10 yesterday and also closed at 113.12/18 despite mild official intervention through a state name. The […]
Sri Lanka markets off to a shaky start, rupee edges lower
August 29, 2007 (LBO) – Sri Lanka’s financial markets got off to a shaky start Wednesday with the rupee edging lower against the greenback and stocks losing ground after opening firmer after a religious holiday. The spot dollar traded at 113.10 rupees with intervention at 113.08 dealers said. Meanwhile overnight call rates dropped to 13.00/13.50 […]
Sri Lankan businesses focus on forex hedging amid rupee volatility
August 29, 2007 (LBO) – Sri Lankan exporters, importers and freight forwarders are to discuss ways of managing foreign exchange risks at a time when the rupee has started weakening against the dollar.Standard Chartered Bank, which structured and completed Sri Lanka’s first rupee option, is to provide technical experts for a seminar on understanding foreign […]
Sri Lanka opposition warns of possible default of a proposed sovereign bond
August 29, 2007 (LBO) – Sri Lanka’s main opposition announced a protest in front of HSBC Bank’s Colombo office after its leader warned that the country may not be able to repay 500 million dollars the bank is helping to raise. United National Party leader Ranil Wickremesinghe informed HSBC chief Stephen Green that the proposed […]
Sri Lanka forex market uncertainty returns; no two way quotes yet
August 27, 2007 (LBO) – Expectations that two-way quotes would resume and exporters would start selling in Sri Lanka’s forex markets were dashed early Monday after official interventions spread unease among dealers.Banks stopped quoting two-way in the interbank forex market after the central bank started intervening and terrorizing dealers a few weeks ago. Heavy central […]
Sri Lanka property bubble on the bursting path
August 25, 2007 (LBO) – Sri Lanka’s land and condominium price bubble which has now peaked may pop with buildings now under construction expected to flood the market in the next two years and buyers turning cautious, analysts and developers have said. Speculators and foreign investors have been scared off by the flare up in […]
Sri Lanka rupee floats to new level
August 24, 2007 (LBO) – The Sri Lanka rupee closed Friday with bids at 112.70 against the greenback with the highest deal at 112.67 in spot trade in a day that it floated freely with no intervention from the authorities, dealers said. The week closed with bids for the spot dollar at 112.70 and offers […]
Sri Lanka rupee eases against greenback in early trade
August 24, 2007 (LBO) – The Sri Lanka rupee eased towards a resistant level on the figure with spot deals touching 112.67 against the greenback in intra-day trading Friday, dealers said.The Sri Lanka rupee has largely held steady against the greenback in recent weeks while most regional currencies, including the Australian dollar, lost ground sharply. […]
Sri Lankan corporates form alliance to combat HIV/AIDS
Aug 23, 2007 (LBO) – Sri Lankan companies have formed a business coalition on HIV/AIDS saying increasing awareness and gearing up workplaces to handle the pandemic helps reduce its financial and economic costs. “HIV affects the most productive segment of the society. We need to promote a coordinated, standardised HIV workplace program approach,” Jaspal Bindra, […]
Sri Lanka rupee tests new lows against greenback; cash rates stabilize
August 23, 2007 (LBO) – The Sri Lanka rupee tested new lows against the greenback Thursday while overnight cash rates moderated after the monetary authority relaxed access to its discount window.In mid-day trade the spot dollar changed hands around 112.25 rupees with offers at 112.30 levels, dealers said. Official intervention was seen in the market […]
Money printing Zimbabwe eases price controls after shortages
HARARE, Aug 22, 2007 (AFP) – Zimbabwe’s government has authorised retailers to raise the prices of basic goods in order to ease widespread shortages which followed the imposition of price cuts, state media reported Wednesday. Shops and businesses which were ordered to slash their prices two months as part of a controversial crackdown on so-called […]
Sri Lanka Treasury bill yields up; rupee eases to new low
August 22, 2007 (LBO) – The Sri Lanka rupee slipped to a new life low and three month treasury bill yields edged up 10 basis point to 17.55 percent Wednesday as the Central Bank stayed off the primary market, dealers said. Authorities have also been using heavy moral suasion to stop dealers from buying dollars […]