Lankan rupee quoted at 270/290 to the US dollar

ECONOMYNEXT – Sri Lanka’s rupee was quoted around 270/290 to the US dollar on Friday, market participants said, while bond markets were inactive ahead of the weekend.

Though there were bids offers were not firm, dealers said. A narrow quote for small volumes was 275/285 to the US dollar.

Sri Lanka is attempting to float the rupee to end sterilized interventions, but low interest rates policy rates and a surrender requirement is hampering the float, analysts and economists have said.

Bond markets were quiet with bids for two maturities but no offers, dealer said.

A bond maturing on 01.08.2024 bid at 14.65 percent with no offer, around Wednesday’s levels.

A bond maturing on 15.06.2027 was bid at 15.10 with no offers.