Momentum remains positive ahead of monetary policy announcement

Tuesday, 23 September 2014 01:19 - - {{hitsCtrl.values.hits}}

By Wealth Trust Securities The positive momentum in secondary bond markets continued yesterday as well, with yields declining for a sixth straight session ahead of today’s monetary policy announcement for the month of September. The Central Bank of Sri Lanka (CBSL) has held policy rates steady at 6.50% and 8.00% for seven consecutive months thus far. Activity centered on the four-year maturity of 15 August 2018 within the range of 6.96% to 7.01%, the five year maturity of 1 July 2019 within 7.04% to 7.07%, the seven-year maturity of 1 May 2021 within 7.50% to 7.60% and the eight-year maturity of 1 July 2022 within 7.75% to 7.81%. In money markets yesterday, the Open Market Operations (OMO) department of CBSL was seen refraining from conducting any auctions for a sixth consecutive day as the total surplus volume of Rs 52.73 billion was deposited at its Standing Deposit Facility Rate (SDFR) of 6.50%. Overnight call money and repo rates remained steady average 6.69% and 6.52% respectively. Rupee dips marginally The rupee was seen dipping marginally to Rs. 130.30/32 yesterday on the back of importer demand as forward dollar premiums were seen dipping considerably. The total USD/LKR traded volume for 19 September was at $ 51.69 million. Some of the forward dollar rates that prevailed in the market were: one month – 130.84; three months – 131.46; and six months – 132.41.

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