‘Spot’ unchanged at Rs 360/365 for 4th day

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The guided benchmark market ‘spot’, administered since last Friday (13 May) closed unchanged at Rs 360/365 to the US dollar, in two way quotes, for the fourth consecutive market day to Friday (20 May), market sources told Finance Today.

They further said that trades in the administered ‘spot’ (Rs 360/365) were mainly restricted to ‘bank-client” outright trades, while the interbank foreign exchange (FX) market was however dominated by swaps, which were outside the domain of the FX market for this purpose.

Meanwhile, year-on-year (YoY) as at Friday, this administered market ‘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 dependent economy.

In related developments, the administered ‘spot’ for official purposes, YoY as at Friday has depreciated by 80.05 per cent (Rs 159.82). On Friday, the value of this official administered ‘spot’ was fixed at Rs 359.48, while a year ago it was Rs 199.66. Meanwhile, the administered market ‘spot’ a year ago was Rs 199.75/200.25 to the dollar in tw-way quotes.

By Paneetha Ameresekere