Selling rate of dollar exceeds Rs. 202 mark

By Hiran H.Senewiratne 

Sri Lanka’s rupee quoted weaker at 199.90/200.25 to the one week US dollar yesterday,  while yields remained unchanged. As a result, stock market investor participation also became very low, stock market analysts said. 

The Sri Lankan rupee has further depreciated against the US dollar with the selling rate of the dollar exceeding the 202-mark for the first time in history. 

According to the daily exchange report of the Central Bank of Sri Lanka (CBSL), the current buying rate of the US Dollar stood yesterday at Rs. 197.62 and selling rate of the US dollar stood at Rs. 202.04.

This is the first time in history that the selling rate of a US dollar exceeded the Rs.202 mark. The rupee last closed in the one-week forward market at 199/200 to the US dollar. Amid those developments, both indices indicated mixed reactions. All Share Price Index went up by 6.16 points and S and P SL20 went down by 31.06 points. Turnover stood at Rs. 777.9 million with two crossings. Those crossings were reported in Expolanka where 815,000 shares crossed for Rs. 36.7 million and its shares traded at Rs. 45 and Lion Brewery 50000 shares crossed for Rs. 27 million, its shares traded at Rs. 540.

In the retail market, five companies that mainly contributed to the turnover were, Piramal Glass Rs. 93.7 million (8.4 million shares traded), Hayleys Rs. 66.5 million (1.1 million shares traded), Richard Pieris. Rs. 55.8 million (3.3 million shares traded), Expolanka Rs. 45.5 million (one million shares traded) and Dipped Products Rs. 43.4 million (916,000 shares traded). During the day 45.1 million share volumes changed hands in 9899 transactions.

During the day banking sector counters witnessed a dip, especially HNB, Sampath Bank and Commercial Bank, following the exclusive dividend announced on the three banks, market analysts said.