Downward trend continues in secondary bond markets

Tuesday, 2 September 2014 10:56 - - {{hitsCtrl.values.hits}}

Driven by the outcome of Inflation for the month of August and selected buying interest on long tenure bond maturities, secondary market bond yields were seen dipping for a third consecutive day yesterday to begin the month of September on a positive note. Activity was mainly seen on the liquid maturities of 1 April 2018, 1 July 2019, 1 May 2021, 1 July 2022 and 1 January 2024 as its yields were seen dipping to intraday lows of 7.30%, 7.40%, 7.98%, 8.06% and 8.15% respectively against its days opening highs of 7.50%, 7.70%, 8.30%, 8.40% and 8.45%. However, profit taking at these levels curtailed any further downward movement. Meanwhile in money markets, overnight call money and repo rates remained steady to average 6.70% and 6.52% as no auctions under Open Market Operations (OMO) were conducted yesterday. The total surplus amount of Rs. 50.53 billion was deposited at Central Bank’s Standing Deposit Facility Rate (SDFR) of 6.50%. Rupee gains marginally Meanwhile in Forex markets yesterday, the USD/LKR rate closed the day marginally higher at Rs. 130.17/22 against its previous day’s closing of Rs. 130.20/23. The total USD/LKR traded volumes for 29 August stood at $ 34.35 million. Given below are some forward dollar rates that prevailed in the market: one month Rs. 130.59, three months Rs. 131.19, six months Rs. 132.24.

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