Sri Lanka rupee rises; stocks edge higher ahead of long weekend

Reuters: ** The Sri Lankan rupee closed 0.34 percent firmer on Thursday helped by banks’ dollar sales, while stocks ended marginally higher for the fourth straight session in thin trade ahead of a long weekend. 

** Many investors were on a holiday during the three-day week due to two long weekends. Both Monday and Friday in this week are public holidays. 

** The currency ended at 173.95/174.25 to the dollar, higher than Wednesday’s close of 174.55/65, Refinitiv Eikon data showed. 

** The island nation’s currency gained 0.3 percent this week, and 5.2 percent so far this year, as exporters converted dollars amid stabilising investor confidence after the country repaid a $1 billion sovereign bond in mid-January. 

** Sri Lanka plunged into a political turmoil in October last year when President Maithripala Sirisena abruptly removed Prime Minister Ranil Wickremesinghe and then dissolved parliament. A court later ruled the move was unconstitutional, and Wickremesinghe was reinstalled as premier. 

** Investor sentiment took a big hit as a result of the 51-day political crisis, leading to credit rating downgrades and an outflow of foreign funds from government securities. 

** The rupee dropped 16 percent in 2018, and was one of the worst-performing currencies in Asia due to heavy foreign outflows. 

** Foreign investors sold a net 2 billion rupees worth of government securities in the week ended April 10, the second weekly fall in six weeks, the latest central bank data showed. 

** The Colombo Stock Exchange index ended 0.05 percent firmer at 5,606.35. 

** The benchmark stock index gained 0.4 percent in the week. However, it has declined 7.4 percent so far this year. 

** Turnover came in at 200.3 million rupees ($1.15 million), nearly a third of this year’s daily average of 593.5 million rupees. Last year’s daily average came in at 834 million rupees. 

** Foreign investors bought a net 2.8 million rupees worth of shares on Thursday, but the market has seen a year-to-date net foreign outflow to 6 billion rupees worth of equities. 

($1 = 173.9500 Sri Lankan rupees) 

(Reporting by Shihar Aneez; Editing by Rashmi Aich)

Sri Lanka rupee edges higher; stocks rise for third session

Reuters: ** The Sri Lankan rupee closed a tad firmer on Wednesday helped by banks’ dollar sales, while stocks ended marginally higher for the third straight day in thin trade. 

** Many investors were on holiday in a three-day week due to two long weekends. Both Monday and Friday in this week are public holidays. 

** The currency ended at 174.55/65 to the dollar, higher than Tuesday’s close of 174.60/75. The markets were closed on Monday for a public holiday in lieu of traditional new year that fell on Sunday. 

** Traders expect lower trade in both currency and stock markets in the three-day week. 

** The island nation’s currency gained 0.26 percent last week, and 4.8 percent so far this year, as exporters converted dollars amid stabilising investor confidence after the country repaid a $1 billion sovereign bond in mid-January. 

** Sri Lanka was plunged into political turmoil in October last year when President Maithripala Sirisena abruptly removed Prime Minister Ranil Wickremesinghe and then dissolved parliament. A court later ruled the move was unconstitutional, and Wickremesinghe was reinstalled as premier. 

** Investor sentiment took a big hit as a result of the 51-day political crisis, leading to credit rating downgrades and an outflow of foreign funds from government securities. 

** The rupee dropped 16 percent in 2018, and was one of the worst-performing currencies in Asia due to heavy foreign outflows. 

** Foreign investors sold a net 2 billion rupees worth of government securities in t=(he week ended April 10, the second weekly fall in six weeks, the latest central bank data showed. 

** The Colombo Stock Exchange index ended 0.2 percent firmer at 5,603.35. 

** The benchmark stock index fell 0.6 percent last week, recording its first weekly fall in three. The index has declined 7.4 percent so far this year. 

** Turnover came in at 188.8 million rupees ($1.08 million), less than a third of this year’s daily average of 599.1 million rupees. Last year’s daily average came in at 834 million rupees. 

** Foreign investors bought a net 46.4 million rupees worth of shares on Wednesday, but the market has seen a year-to-date net foreign outflow to 6 billion rupees worth of equities. 

($1 = 174.5000 Sri Lankan rupees) 

(Reporting by Shihar Aneez; Editing by Rashmi Aich)

Sri Lanka rupee edges down; stocks end tad firmer

Reuters: ** The Sri Lankan rupee closed tad weaker on Tuesday, while stocks ended tad firmer in thin trade after a long weekend. 

** The currency ended at 174.60/75 to the dollar, lower than Friday’s close of 174.45/55. The markets were closed on Monday for a public holiday in lieu of traditional new year that fell on Sunday. 

** Traders expect lower trade in both currency and stock markets in the three-day week as Friday is also being declared as a public holiday. 

** The island nation’s currency gained 0.26 percent last week, and 4.7 percent so far this year, as exporters converted dollars amid stabilising investor confidence after the country repaid a $1 billion sovereign bond in mid-January. 

** Sri Lanka was plunged into political turmoil in October last year when President Maithripala Sirisena abruptly removed Prime Minister Ranil Wickremesinghe and then dissolved parliament. A court later ruled the move was unconstitutional, and Wickremesinghe was reinstalled as premier. 

** Investor sentiment took a big hit as a result of the 51-day political crisis, leading to credit rating downgrades and an outflow of foreign funds from government securities. 

** The rupee dropped 16 percent in 2018, and was one of the worst-performing currencies in Asia due to heavy foreign outflows. 

** Foreign investors sold a net 2 billion rupees worth of government securities in the week ended April 10, the second weekly fall in six weeks, the latest central bank data showed. 

** The Colombo Stock Exchange index ended 0.1 percent firmer at 5,591.83. 

** The benchmark stock index fell 0.6 percent last week, recording its first weekly fall in three. The index has declined 7.6 percent so far this year. 

** Turnover came in at 173 million rupees ($990,836.20), less than this year’s daily average of 605 million rupees. Last year’s daily average came in at 834 million rupees. 

** Foreign investors bought a net 31.4 million rupees worth of shares on Tuesday, but the market has seen a year-to-date net foreign outflow to 6.04 billion rupees worth of equities. 

($1 = 174.6000 Sri Lankan rupees) 

(Reporting by Shihar Aneez; Editing by Rashmi Aich)

Sri Lanka rupee ends steady; stocks edge up ahead of long holidays

Reuters: ** The Sri Lankan rupee closed steady on Friday while stocks ended tad firmer in thin trade ahead of a long weekend due to traditional new year. 

** The currency ended at 174.45/55 to the dollar. 

** Sri Lanka’s currency, stock, and bond markets will be closed for a holiday on Monday for a public holiday in lieu of traditional new year falling on a Sunday. 

** The island nation’s currency gained 0.26 percent this week, and 4.8 percent so far this year, as exporters converted dollars and foreign investors purchased government securities amid stabilising investor confidence after the country repaid a $1 billion sovereign bond in mid-January. 

** Sri Lanka was plunged into political turmoil in October when President Maithripala Sirisena abruptly removed Prime Minister Ranil Wickremesinghe and then dissolved parliament. A court later ruled the move was unconstitutional, and Wickremesinghe was reinstalled as premier. 

** Investor sentiment took a big hit as a result of the 51-day political crisis, leading to credit rating downgrades and an outflow of foreign funds from government securities. 

** The rupee dropped 16 percent in 2018, and was one of the worst-performing currencies in Asia due to heavy foreign outflows. 

** Foreign investors sold a net 2 billion rupees worth of government securities in the week ended April 10, the second weekly fall in six weeks, the latest central bank data showed. ** The Colombo Stock Exchange index ended 0.1 percent firmer at 5,585.30. 

** The benchmark stock index fell 0.6 percent this week, recording its first weekly fall in three . The index has declined 7.7 percent so far this year. 

** Turnover came in at 184.2 million rupees ($1.06 million)($2.64 million), less than this year’s daily average of 611 million rupees. Last year’s daily average came in at 834 million rupees. 

** Foreign investors bought a net 1.1 million rupees worth of shares on Thursday, but the market has seen a year-to-date net foreign outflow to 6.1 billion rupees worth of equities. 

** The latest budget aims to increase government spending by 13 percent in 2019, during which the presidential election must be held, while it has set an ambitious goal to reduce a large fiscal deficit. 

($1 = 174.5000 Sri Lankan rupees) 

(Reporting by Shihar Aneez; Editing by Alison Williams)

Sri Lanka rupee ends firmer; stocks dip on foreign outflows

Reuters: ** The Sri Lankan rupee closed slightly firmer on Thursday, supported by dollar inflows from remittances ahead of the traditional new year, while stocks ended lower due to foreign outflows in moderate trade. 

** Markets shrugged off the central bank’s decision on Monday to leave its key interest rates unchanged, a widely expected move to boost an economy struggling in the wake of a political crisis. 

** The currency ended at 174.45/55 to the dollar, compared with Wednesday’s close of 174.60/70. 

** Dollar buying by state banks prevented sharp gains in the currency, market sources said. 

** The island nation’s currency gained 0.26 percent last week, and 4.8 percent so far this year, as exporters converted dollars and foreign investors purchased government securities amid stabilising investor confidence after the country repaid a $1 billion sovereign bond in mid-January. 

** Dealers expect the pressure on the rupee to ease with more inward remittances ahead of the Sinhala-Hindu New Year on April 14. 

** Sri Lanka was plunged into political turmoil in October when President Maithripala Sirisena abruptly removed Prime Minister Ranil Wickremesinghe and then dissolved parliament. A court later ruled the move was unconstitutional, and Wickremesinghe was reinstalled as premier. 

** Investor sentiment took a big hit as a result of the 51-day political crisis, leading to credit rating downgrades and an outflow of foreign funds from government securities. 

** The rupee dropped 16 percent in 2018, and was one of the worst-performing currencies in Asia due to heavy foreign outflows. 

** Foreign investors sold a net 1.9 billion rupees worth of government securities in the week ended April 3, the first weekly fall in five weeks, but foreign investors were net buyers of 1.6 billion rupees so far this year, the latest central bank data showed. 

** The Colombo Stock Exchange index ended marginally weaker at 5,576.11. 

** The benchmark stock index rose 1.2 percent last week, recording its second consecutive weekly gain in nine. The index has declined 7.8 percent so far this year. 

** Turnover came in at 459.76 million rupees ($2.64 million), around less than this year’s daily average of 618 million rupees. Last year’s daily average came in at 834 million rupees. 

** Foreign investors sold a net 164.9 million rupees worth of shares on Thursday, extending the year-to-date net foreign outflow to 6.1 billion rupees worth of equities. 

** The latest budget aims to increase government spending by 13 percent in 2019, during which the presidential election must be held, while it has set an ambitious goal to reduce a large fiscal deficit.

($1 = 174.4500 Sri Lankan rupees) 

(Reporting by Shihar Aneez, Editing by Sherry Jacob-Phillips)

Sri Lanka rupee firms on remittances; stocks end steady

Reuters: ** The Sri Lankan rupee ended stronger on Wednesday as dollar inflows from remittances ahead of the traditional new year provided support, while stocks closed steady in dull trade. 

** Markets shrugged off the central bank’s decision on Monday of leaving its key interest rates unchanged, a widely expected move to boost an economy struggling in the wake of a political crisis. 

** The currency ended at 174.60/70 to the dollar, compared with Tuesday’s close of 174.75/85. 

** The island nation’s currency gained 0.26 percent last week, and 4.6 percent so far this year, as exporters converted dollars and foreign investors purchased government securities amid stabilising investor confidence after the country repaid a $1 billion sovereign bond in mid-January. 

** Dealers, however, expect the pressure on the rupee to ease with more inward remittances ahead of the Sinhala-Hindu New Year on April 14. 

** Sri Lanka was plunged into political turmoil in October when President Maithripala Sirisena abruptly removed Prime Minister Ranil Wickremesinghe and then dissolved parliament. A court later ruled the move was unconstitutional, and Wickremesinghe was reinstalled as premier. 

** Investor sentiment took a big hit as a result of the 51-day political crisis, leading to credit rating downgrades and an outflow of foreign funds from government securities. 

** The rupee dropped 16 percent in 2018, and was one of the worst-performing currencies in Asia due to heavy foreign outflows. 

** Foreign investors sold a net 1.9 billion rupees worth of government securities in the week ended April 3, the first weekly fall in five weeks, but foreign investors were net buyers of 1.6 billion rupees so far this year, the latest central bank data showed. 

** The Colombo Stock Exchange index closed steady at 5,583.58. 

** The benchmark stock index rose 1.2 percent last week, recording its second consecutive weekly gain in nine. The index has declined 7.7 percent so far this year. 

** Turnover came in at 218.6 million rupees ($1.25 million), around a third of this year’s daily average of 620 million rupees. Last year’s daily average came in at 834 million rupees. 

** Foreign investors bought a net 10 million rupees worth of shares on Wednesday, buy they have sold year-to-date net foreign outflow of 5.9 billion rupees worth of equities. 

** The latest budget aims to increase government spending by 13 percent in 2019, during which the presidential election must be held, while it has set an ambitious goal to reduce a large fiscal deficit.

($1 = 174.5500 Sri Lankan rupees) 

(Reporting by Shihar Aneez, Editing by Sherry Jacob-Phillips)

Rupee ends weaker on importer dollar demand; stocks down

Reuters: The Sri Lankan rupee ended weaker on Tuesday due to importer dollar demand, but market sources said remittances ahead of the traditional New Year will help boost the currency, while stocks extended losses into a third session.

After the markets closed on Monday, Sri Lanka’s Central Bank left its key interest rates unchanged, a widely expected move to boost an economy struggling in the wake of a political crisis. Markets shrugged off the Central Bank’s decision, sources said.

The Colombo Stock Exchange index fell for a third straight session on Tuesday to end 0.21% weaker at 5,583.66. The benchmark stock index rose 1.2% last week, recording its second consecutive weekly gain in nine.

The index has declined 7.7% so far this year. The currency ended at 174.75/85 to the dollar, compared with Monday’s close of 174.60/70.

The island nation’s currency gained 0.26% last week, and 4.5% so far this year, as exporters converted dollars and foreign investors purchased government securities amid stabilising investor confidence after the country repaid a $1 billion sovereign bond in mid-January.

Dealers expect the pressure on the rupee to ease with more inward remittances ahead of the Sinhala-Hindu New Year on April 14. Sri Lanka was plunged into political turmoil in October when President Maithripala Sirisena abruptly removed Prime Minister Ranil Wickremesinghe and then dissolved Parliament. A court later ruled the move was unconstitutional, and Wickremesinghe was reinstalled as Premier.

Investor sentiment took a big hit as a result of the 51-day political crisis, leading to credit rating downgrades and an outflow of foreign funds from government securities.

The rupee dropped 16% in 2018, and was one of the worst-performing currencies in Asia due to heavy foreign outflows. Foreign investors sold a net Rs. 1.9 billion worth of government securities in the week ended 3 April, the first weekly fall in five weeks, but foreign investors were net buyers of Rs. 1.6 billion so far this year, the latest Central Bank data showed.

Turnover came in at Rs. 187.6 million ($1.07 million), less than a third of this year’s daily average of Rs. 626.4 million. Last year’s daily average came in at Rs. 834 million.

Foreign investors sold a net Rs. 93.5 million worth of shares on Tuesday, extending the year-to-date net foreign outflow to Rs. 5.9 billion worth of equities.

The latest Budget aims to increase government spending by 13% in 2019, during which the Presidential Election must be held, while it has set an ambitious goal to reduce a large fiscal deficit.

Sri Lanka tourist arrivals up 4.7-pct in March

ECONOMYNEXT - Sri Lanka's tourism arrivals rose 4.7 percent in March 2019 from a year earlier to 244,328 helped by visitors from the Russian Federation, United States, India and China, while Western Europe dropped, official data showed.

Visitors from the Russian Federation grew 39 percent to 12,448 while American arrivals grew 29 percent to 12,543.
India grew 5.6 percent to 34,812 slowing from last year while Australia grew 28 percent to 11,441.
Chinese arrivals grew 12.6 percent to 23,759.

Western Europe dropped 15.5 percent to 51,839 with Germany down 25 percent to 18,134 and France down 5.8 percent to 13,957.

Northern Europe dropped 3.4 percent with the UK, a top market dropping 2.3 percent to 30,366.
In the first three months of 2019, arrivals grew 4.6 percent to 740,600.

In 2018 tourist arrivals grew 10.3 percent to 2,333,796.

Sri Lanka is giving free visas to a number of countries from May to October to boost arrivals

Sri Lanka rupee firmer on dollar inflows; stocks extend losses

Reuters : The Sri Lankan rupee ended firmer on Monday due to dollar inflows from foreign remittances ahead of the traditional new year later this week, sources said, while stocks extended losses into a second session. 

** After the markets closed on Monday, Sri Lanka’s central bank left its key interest rates unchanged, a widely expected move to boost an economy struggling in the wake of a political crisis. 

** The currency gained 0.2 percent to end at 174.60/70 to the dollar, compared with Friday’s close of 174.90/175.00. 

** The island nation’s currency gained 0.26 percent last week, and 4.6 percent so far this year, as exporters converted dollars and foreign investors purchased government securities amid stabilising investor confidence after the country repaid a $1 billion sovereign bond in mid-January. 

** Dealers expect the pressure on the rupee to ease with more inward remittances ahead of the Sinhala-Hindu New Year on April 14. 

** Sri Lanka was plunged into political turmoil in October when President Maithripala Sirisena abruptly removed Prime Minister Ranil Wickremesinghe and then dissolved parliament. A court later ruled the move was unconstitutional, and Wickremesinghe was reinstalled as premier. 

** Investor sentiment took a big hit as a result of the 51-day political crisis, leading to credit rating downgrades and an outflow of foreign funds from government securities. 

** The rupee dropped 16 percent in 2018, and was one of the worst-performing currencies in Asia due to heavy foreign outflows. 

** Foreign investors sold a net 1.9 billion rupees worth of government securities in the week ended April 3, the first weekly fall in five weeks, but foreign investors were net buyers of 1.6 billion rupees so far this year, the latest central bank data showed. 

** The Colombo Stock Exchange index fell for a second straight session on Monday to end 0.46 percent weaker at 5,595.46. The index further slipped from its highest close since March 11, hit on Thursday. 

** The benchmark stock index rose 1.2 percent last week, recording its second consecutive weekly gain in nine. The index has declined 7.55 percent so far this year. 

** Turnover came in at 690.4 million rupees ($3.96 million), more than this year’s daily average of 633.2 million rupees. Last year’s daily average came in at 834 million rupees. 

** Foreign investors sold a net 34.3 million rupees worth of shares on Monday, extending the year-to-date net foreign outflow to 5.8 billion rupees worth of equities. 

** The latest budget aims to increase government spending by 13 percent in 2019, during which the presidential election must be held, while it has set an ambitious goal to reduce a large fiscal deficit.

($1 = 174.5500 Sri Lankan rupees) 

(Reporting by Ranga Sirilal andn Shihar Aneez) 

Sri Lanka rupee ends weaker; stocks retreat from 3-1/2-wk high

Reuters: ** The Sri Lankan rupee ended weaker on Friday due to dollar demand as importers purchased the greenback after the local currency’s recent gains, sources said; while stocks slipped from a 3-1/2-week high hit in the previous session. 

** The currency dipped 0.1 percent to end at 174.90/175.00 to the dollar, compared with Thursday’s close of 174.70/85. 

** Though the island nation’s currency gained only 0.26 percent on the week, it rose 2.1 percent in the six sessions ended Tuesday. 

** The currency gained 4.4 percent so far this year, as exporters converted dollars and foreign investors purchased government securities amid stabilising investor confidence after the country repaid a $1 billion sovereign bond in mid-January. 

** Dealers expect the pressure on the rupee to ease with more inward remittances ahead of the Sinhala-Hindu New Year on April 14. 

** Sri Lanka was plunged into political turmoil in October when President Maithripala Sirisena abruptly removed Prime Minister Ranil Wickremesinghe and then dissolved parliament. A court later ruled the move was unconstitutional, and Wickremesinghe was reinstalled as premier. 

** Investor sentiment took a big hit as a result of the 51-day political crisis, leading to credit rating downgrades and an outflow of foreign funds from government securities. 

** The rupee dropped 16 percent in 2018, and was one of the worst-performing currencies in Asia due to heavy foreign outflows. 

** Foreign investors bought a net 1.6 billion rupees worth of government securities in the week ended March 27, the fourth net inflow in six weeks, extending year-to-date net foreign buying to 3.3 billion rupees, the latest central bank data showed. 

** The Colombo Stock Exchange index snapped a six-session winning streak to end 0.57 percent weaker at 5,621.36 on Friday. The index slipped from its highest close since March 11, hit in the previous session. 

** The benchmark stock index rose 1.15 percent during the week, recording its second consecutive weekly gain in nine. The index has declined 7.12 percent so far this year. 

** The market awaits some positive news from the third and final vote on the 2019 budget that is underway, market sources said. 

** Meanwhile, Sri Lanka’s central bank is expected to leave its key interest rates steady on Monday, a Reuters poll showed, but analysts aren’t ruling out an easing as the rupee steadies and policymakers aim to boost economic growth ahead of elections. 

** Turnover came in at 219.98 million rupees ($1.26 million), less than this year’s daily average of 632.3 million rupees. Last year’s daily average came in at 834 million rupees. 

** Foreign investors sold a net 7.3 million rupees worth of shares on Friday, extending the year-to-date net foreign outflow to 5.8 billion rupees worth of equities. 

** The latest budget aims to increase government spending by 13 percent in 2019, during which the presidential election must be held, while it has set an ambitious goal to reduce a large fiscal deficit. 

($1 = 174.7500 Sri Lankan rupees) 

(Reporting by Ranga Sirilal, Editing by Sherry Jacob-Phillips)

Sri Lanka rupee ends weaker; stocks gain for sixth session

Reuters: ** The Sri Lankan rupee ended 0.5 percent weaker on Thursday due to importer dollar demand, but greenback inflows from inward remittances ahead of the traditional new year capped further decline, while stocks jumped 1 percent, sources said. 

** The currency stood at 174.70/85 to the dollar, compared with Wednesday’s close of 174.60/80. 

** The island nation’s currency gained 2.1 percent in the six sessions through Tuesday, and 4.5 percent so far this year, as exporters converted dollars and foreign investors purchased government securities amid stabilising investor confidence after the country repaid a $1 billion sovereign bond in mid-January. 

** There was a steady flow of inward remittances, ahead of the Sinhala-Hindu New Year on April 14. 

** Sri Lanka was plunged into political turmoil in October when President Maithripala Sirisena abruptly removed Prime Minister Ranil Wickremesinghe and then dissolved parliament. A court later ruled the move was unconstitutional, and Wickremesinghe was reinstalled as premier. 

** Investor sentiment took a big hit as a result of the 51-day political crisis, leading to credit rating downgrades and an outflow of foreign funds from government securities. 

** The rupee dropped 16 percent in 2018, and was one of the worst-performing currencies in Asia due to heavy foreign outflows. 

** Foreign investors bought a net 1.6 billion rupees worth of government securities in the week ended March 27, the fourth net inflow in six weeks, extending year-to-date net foreign buying to 3.3 billion rupees, the latest central bank data showed. 

** The Colombo Stock Exchange index ended 1.0 percent higher at 5,653.43 on Thursday rising for the sixth straight session, its highest close since March 11. 

** The benchmark stock index rose 0.31 percent last week, recording its first weekly gain in eight weeks. The index has declined 6.6 percent so far this year. 

** The market awaits some positive news from the third and final vote on the 2019 budget scheduled for April 5, market sources said. 

** Turnover came in at 563.6 million rupees ($3.23 million), less than this year’s daily average of 638.98 million rupees. Last year’s daily average came in at 834 million rupees. 

** Foreign investors sold a net 257.5 million rupees worth of shares on Thursday, extending the year to date net foreign outflow to 5.8 billion rupees worth of equities. 

** The latest budget aims to increase government spending by 13 percent in 2019, during which the presidential election must be held, while it has set an ambitious goal to reduce a large fiscal deficit.

($1 = 174.6500 Sri Lankan rupees) 

(Reporting by Ranga Sirilal, Editing by Sherry Jacob-Phillips)

Sri Lanka rupee snaps winning edge; stocks hit 2-week high

Reuters: ** The Sri Lankan rupee snapped a six-session winning streak to end lower on Wednesday due to importer dollar demand, but greenback inflows from inward remittances ahead of the traditional new year capped further decline, sources said. 

** The currency edged down at 174.60/80 to the dollar, compared with Tuesday’s close of 174.45/60. 

** The island nation’s currency gained 2.1 percent in the last six sessions through Tuesday, and 4.6 percent so far this year, as exporters converted dollars and foreign investors purchased government securities amid stabilising investor confidence after the country repaid a $1 billion sovereign bond in mid-January. 

** There was a steady flow of inward remittances, ahead of the Sinhala-Hindu New Year on April 14. 

** Sri Lanka was plunged into political turmoil in October when President Maithripala Sirisena abruptly removed Prime Minister Ranil Wickremesinghe and then dissolved parliament. A court later ruled the move was unconstitutional, and Wickremesinghe was reinstalled as premier. 

** Investor sentiment took a big hit as a result of the 51-day political crisis, leading to credit rating downgrades and an outflow of foreign funds from government securities. 

** The rupee dropped 16 percent in 2018, and was one of the worst-performing currencies in Asia due to heavy foreign outflows. 

** Foreign investors bought a net 1.6 billion rupees worth of government securities in the week ended March 27, the fourth net inflow in six weeks, extending year-to-date net foreign buying to 3.3 billion rupees, the latest central bank data showed. 

** The Colombo Stock Exchange index ended 0.34 percent higher at 5,597.37 on Wednesday, its highest close since March 18. 

** The benchmark stock index rose 0.31 percent last week, recording its first weekly gain in eight weeks. The index has declined 7.5 percent so far this year. 

** The market awaits some positive news from the third and final vote on the 2019 budget scheduled for April 5, market sources said. 

** Turnover came in at 405.2 million rupees ($2.32 million), less than this year’s daily average of 640.2 million rupees. Last year’s daily average came in at 834 million rupees. 

** Foreign investors bought a net 205.7 million rupees worth of shares on Wednesday, but they have been net sellers of 5.5 billion rupees worth of equities so far this year. 

** The latest budget aims to increase government spending by 13 percent in 2019, during which the presidential election must be held, while it has set an ambitious goal to reduce a large fiscal deficit.

($1 = 174.6000 Sri Lankan rupees) 

(Reporting by Ranga Sirilal and Shihar Aneez, Editing by Sherry Jacob-Phillips)

Sri Lanka rupee extends gains; stocks hit 2-week closing high

Reuters: ** The Sri Lankan rupee closed firmer on Tuesday as more foreign investors purchased government securities, while inward remittances remained high ahead of the traditional new year celebrations, market sources said. 

** The currency extended gains into a sixth session to end firmer at 174.45/60 to the dollar, compared with Monday’s close of 174.70/85. 

** The island nation’s currency gained 2.09 percent in the last six sessions and 4.8 percent so far this year as exporters converted dollars and foreign investors purchased government securities amid stabilising investor confidence after the country repaid a $1 billion sovereign bond in mid-January. 

** The country will celebrate traditional new year on April 14. 

** Sri Lanka was plunged into political turmoil in October when President Maithripala Sirisena abruptly removed Prime Minister Ranil Wickremesinghe and then dissolved parliament. A court later ruled the move was unconstitutional, and Wickremesinghe was reinstalled as premier. 

** Investor sentiment took a big hit as a result of the 51-day political crisis, leading to credit rating downgrades and an outflow of foreign funds from government securities. 

** The rupee dropped 16 percent in 2018, and was one of the worst-performing currencies in Asia due to heavy foreign outflows. 

** Foreign investors bought a net 1.6 billion rupees worth of government securities in the week ended March 27, the fourth net inflow in six weeks, extending year-to-date net foreign buying to 3.3 billion rupees, the latest central bank data showed. 

** The Colombo Stock Exchange index ended 0.19 percent higher at 5,578.43 on Tuesday, its highest close since March 19. 

** The benchmark stock index rose 0.31 percent last week, recording its first weekly gain in eight weeks. The index has declined 7.8 percent so far this year. 

** The market awaits some positive news from the third and final vote on the 2019 budget scheduled for April 5, market sources said. 

** Turnover was 433.7 million rupees ($2.49 million), less than this year’s daily average of 644.1 million rupees. Last year’s daily average came in at 834 million rupees. 

** Foreign investors bought a net 16.8 million rupees worth of shares on Tuesday, but they have been net sellers of 5.7 billion rupees worth of equities so far this year. 

** The latest budget aims to increase government spending by 13 percent in 2019, during which the presidential election must be held, while it has set an ambitious goal to reduce a large fiscal deficit.

($1 = 174.4000 Sri Lankan rupees) 

(Reporting by Ranga Sirilal and Shihar Aneez, Editing by Sherry Jacob-Phillips)

Sri Lanka rupee ends firmer on inward remittances; stocks up

Reuters: ** The Sri Lankan rupee closed firmer for a fifth straight session on Monday, helped by dollar inflows from inward remittances ahead of the traditional new year celebrations, market sources said, while stocks ended higher. 

** The currency rose 0.4 percent to end at 174.70/85 to the dollar, up from Friday’s close of 175.35/50. 

** The island nation’s currency gained 1.95 percent in the last five straight sessions and 4.5 percent so far this year as exporters converted dollars and foreign investors purchased government securities amid stabilising investor confidence after the country repaid a $1 billion sovereign bond in mid-January. 

** Dealers expect pressure on the currency to ease with more inward remittances ahead of the traditional Sinhala-Hindu New Year on April 14. 

** Sri Lanka was plunged into political turmoil in October when President Maithripala Sirisena abruptly removed Prime Minister Ranil Wickremesinghe and then dissolved parliament. A court later ruled the move was unconstitutional, and Wickremesinghe was reinstalled as premier. 

** Investor sentiment took a big hit as a result of the 51-day political crisis, leading to credit rating downgrades and an outflow of foreign funds from government securities. 

** The rupee dropped 16 percent in 2018, and was one of the worst-performing currencies in Asia due to heavy foreign outflows. 

** Foreign investors bought a net 1.6 billion rupees worth of government securities in the week ended March 27, the fourth net inflow in six weeks, extending year-to-date net foreign buying to 3.3 billion rupees, the latest central bank data showed. 

** The Colombo Stock Exchange index ended 0.19 percent higher at 5,567.77 on Monday, moving further away from their lowest since Dec. 18, 2012, hit on Wednesday. 

** The benchmark stock index rose 0.31 percent last week, recording its first weekly gain in eight weeks. The index has declined 8.2 percent so far this year. 

** The market awaits some positive news from the third and final vote on the 2019 budget scheduled for April 5, market sources said. 

** Turnover was 458.6 million rupees ($2.63 million), less than this year’s daily average of 647.7 million rupees. Last year’s daily average came in at 834 million rupees. 

** Foreign investors bought a net 358.7 million rupees worth of shares on Monday, but they have been net sellers of 5.7 billion rupees worth of equities so far this year. 

** The latest budget aims to increase government spending by 13 percent in 2019, during which the presidential election must be held, while it has set an ambitious goal to reduce a large fiscal deficit.

($1 = 174.5500 Sri Lankan rupees) 

(Reporting by Ranga Sirilal and Shihar Aneez)