“Spot” Unchanged at Rs 360/365

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The guided benchmark market “spot,” guided since Friday, closed unchanged at Rs 360/365 to the US dollar in two way quotes yesterday, market sources told this newspaper.

However, year on year (YoY) as at yesterday, the “spot” has weakened by between 80.23-82.27 per cent (Rs 160.25-164.75), thereby causing cost push inflationary pressure as Sri Lanka is an import depedent economy.

Meanwhile, the administered “spot ” YoY as at yesterday has depreciated by 80.10 per cent (Rs 160), Yesterday, the value of the administered “spot” was Rs 359.75, while a year ago it was Rs 199.75. Meanwhile, the administered market “spot” a year ago was Rs 199.75/200.25 to the dollar in two way quotes. The “spot” is administered to show Sri Lanka’s foreign debt in rupee terms low among other things.

The bourse powered by retailer sentiment, continued to make gains for the third consecutive market day yesterday, with the ASPI increasing by 4.44 per cent 8,457.65 points and the S&P SL 20 Index by 5.54 per cent to 2,809.81 points on a Rs 2.75 billion turnover and on a share volume of 177.85 million.

But on the obverse, the market suffered a net foreign outflow (NFO) of Rs 55.90 million yesterday, increasing NFOs in the calendar year to date to Rs 1.26 billion.

By Paneetha Ameresekere