Sri Lanka rupee stronger after opening

Feb 17, 2012 (LBO) – Sri Lanka’s rupee was quoted around 118.30/50 against the US dollar in mid morning trade, up from opening and stocks rose nearly 2.0 percent before easing back, dealers and brokers said. . The rupee opened around 118.80/119.20 and strengthened against the US dollar as the currency moved to consolidate towards a free float.

The Central Bank stopped intervention in forex markets last Thursday.

In bond markets a 01.02.2014 bond was quoted around 11.00/25 percent, and a 15.07.2015 bond was quoted around 11.25/40 percent.

Once a free float of the currency establishes itself, interest rates will start to ease, analysts say.

Stocks rose as much 2.0 percent in thin trade before easing back.

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