‘Spot’ unchanged for 53rd day

0
37

The ‘spot’ closed unchanged for the fifty third consecutive market day at Rs 360/364 to the US dollar in two way quotes yesterday (15), market sources told ‘Finance Today’.

Consequently , yesterday, the administered market ‘spot’ was down by between 80 and 79.31 per cent (Rs 160 and 161), year on year (YoY); thereby causing cost push inflationary pressure as Sri Lanka is an import dependent economy, they said.

 Meanwhile, yesterday, the value of this official administered ‘spot’ was fixed at Rs 362.45 to the dollar, while a year ago it was fixed at Rs 200, down 81.23 per cent (Rs 162.45), YoY. In related developments, the straitjacketed, inflexible administered market ‘spot’ a year ago was fixed at Rs 200/203 to the dollar in two way quotes, unchanged for the  sixth consecutive market day to  15 September 2021.

The band in which the ‘guided market spot’ may currently operate is fixed at +/- three per cent of the officially administered ‘spot’ value, where the latter is applicable for transactions involving the GoSL, CBSL and or between the GoSL and/or CBSL with the market, which was fixed at Rs 362.45 to the dollar yesterday.

They further said that trades in the administered market ‘spot’ (Rs 360/364) yesterday 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.

By Paneetha Ameresekere