ECONOMYNEXT – Commercial banks in Sri Lanka quoted the rupee at 367 against telegraphs on Monday (13) while the central bank’s interbank spot trade was at 359.83 below a daily guidance rate, little changed from to 359.8o on Friday.
The quotation of the commercial banks rupee against wire transfers was 367 against the US dollar on June 10.
The central bank’s guidance margin is fixed at plus 1.00 or minus 4.00 rupees.
“We don’t see much improvement in the currency market. Exporters in need of rupees are selling a minimum amount of dollars while importers of mostly essential goods are trying to buy maximum dollars,” a forex trader said. at EconomyNext.
The central bank stopped quoting overnight rates on January 23 when the rupiah floated with an interest rate correction after the soft peg collapsed amid a war. In 2021, the central bank also started to apply a rate inconsistent with the policy rate at around 203 per US dollar.
The secondary market was lackluster on Monday, a special holiday, as the public sector went into a long weekend as part of a government decision to cut costs, dealers said.
Three-month bills were quoted at around 22.00/22.50% in midday trade, down from 22.00/22.15% on Thursday.
A bond maturing on 01.06.2025 was trading around 20.15/30% on Monday, down from 19.90/20.20% at its last close on Friday.
A bond maturing on 15.01.2028 was trading around 20.10/20%, down from 20.00/20.10% at its last close on Friday.