Sri Lanka rupee under moral suasion, bonds ease

Aug 30, 2013 (LBO) – Sri Lanka’s rupee was quoted at 132.95/133.10 to the US dollar in the spot next market amid moral suasion dealers said while bond yields eased slightly. Sri Lanka today imposed a 100 percent margin on letters of credit for car imports.

Update II Interbank liquidity climbed to 5.1 billion rupees from 2.6 billion a day earlier and the total Treasury bill stock of the Central bank rose to 84 billion rupees from 82.

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6 billion rupees a day earlier.

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Bond eased slightly with some domestic buying interest as an auction has not been announced for 70 billion rupee maturity next week, dealers said.

A 2018 bond was quoted around 11.

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85/90 percent down from earlier highs close to 12.0 percent.

Analysts say any bond repaid with central bank credit, especially to domestic holders is likely to further pressure the currency, if the money is then deposited in banks and loaned out.
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