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Sri Lankan rupee steady in dull trade

Sri Lankan rupee steady in dull tradeCOLOMBO: The Sri Lankan rupee was steady in thin trade on Tuesday as importer demand for the dollar offset mild greenback sales by exporters and banks, dealers said.

The rupee was at 141.05/10 per dollar at 0628 GMT, unchanged from Monday’s close.

Trading is likely to be lacklustre until the government provides clarity on economic policy, dealers said.

Prime Minister Ranil Wickremesinghe is expected to announce the country’s medium-term economic policy framework on Thursday, while the 2016 budget announcement is scheduled for Nov. 20.

“The market is very dull. Dollar demand for imports was covered by the inflows from remittances and the exports,” a currency dealer said, on condition of anonymity.

Dealers said they have not seen a significant gain in the currency after last week’s $ 1.5 billion sovereign bond issue and it is expected to be dull until investors see policy clarity. Dealers expected the inflow from the bond proceeds on Tuesday.

Sri Lanka borrowed $ 1.5 billion via a 10-year sovereign bond sale on Oct. 27 at a 6.85 percent yield, down from an initial guidance of about 7 percent.

Sri Lanka’s main stock index was down 0.13 percent at 7,019.87 at 0646 GMT. Turnover was 211.7 million rupees ($ 1.50 million).

Copyright Reuters, 2015

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