Sri Lankan rupee, stocks close marginally higher

Reuters: ** The Sri Lankan rupee closed slightly firmer in dull trade on Thursday, helped by dollar inward remittances.

** The rupee ended at 179.15/20 per dollar on Thursday, compared with 179.20/25 in the previous session.

** Credit rating agencies Fitch and Standard & Poor's downgraded Sri Lanka's sovereign rating on Tuesday, citing refinancing risks and an uncertain policy outlook, after President Maithripala Sirisena's sacking of his prime minister in October triggered a political crisis.

** On Wednesday, Fitch downgraded Sri Lanka's financial institutions and Sri Lanka Telecom, citing sovereign downgrade.,,

** Foreigners sold a net 125.3 million rupees($700,391) worth of stocks on Thursday, and they have been net sellers of 9.4 billion rupees since the political crisis started on Oct. 26. The bond market saw outflows of about 34.2 billion rupeesbetween Oct. 25 and Nov. 28, central bank data showed.

** This year, there have been 18.8 billion rupees of outflows from stocks and 123.2 billion rupees from government securities, the latest data from the bourse and central bank data showed.

** The rupee hit a record low of 180.85 per dollar on Nov. 28, surpassing its previous low of 180.50 hit the previous day. It has weakened about 3.4 percent since the political crisis began. The currency fell 1.8 percent in November and 16.8 percent so far this year.

** Moody's downgraded Sri Lanka on Nov. 20 for the first time since it started rating the country in 2010, blaming the political turmoil for aggravating its already problematic finances.

** The political paralysis remains the main concern of investors. While Mahinda Rajapaksa and President Sirisena have failed to win support in parliament for their new government, the deposed prime minister Ranil Wickremesinghe's coalition, which claims it does have majority support in parliament, has not been allowed to try to form a government. Although Rajapaksa was ousted via two confidence votes, he has refused to step down.

** The central bank on Nov. 14 unexpectedly raised its main interest rates to defend the rupee, which has faltered as foreign capital outflows pick up due to the domestic crisis as well as rising U.S. interest rates.

** Five-year government bond yields have risen 30 basis points since the political crisis unfolded on Oct. 26, while yields on Sri Lanka's dollar bonds due in 2022 have risen by more than a percentage point to 8.14 percent since the crisis began.

** The Colombo stock index rose 0.59 percent to 6,032.54 on Thursday. It had risen 1.5 percent last week, recording its first weekly gain in four. It gained 1.1 percent in November and has declined 5.3 percent so far this year.

** Stock market turnover was 533.3 million rupees on Thursday, less than this year's daily average of 830 million rupees.

($1 = 178.9000 Sri Lankan rupees)

Sri Lankan rupee, stocks end lower as foreign sell-off continues

Reuters: ** The Sri Lankan rupee closed weaker on Wednesday, hit by concerns over a lingering political crisis, as banks bought dollars to facilitate foreign capital outflows from rupee-denominated assets.

** Credit rating agencies Fitch and Standard & Poor’s downgraded Sri Lanka’s sovereign rating on Tuesday, citing refinancing risks and an uncertain policy outlook, after President Maithripala Sirisena’s sacking of his prime minister in October triggered a political crisis.

** On Wednesday, Fitch downgraded Sri Lanka’s financial institutions and Sri Lanka Telecom, citing sovereign downgrade.

** Foreigners sold a net 241.8 million rupees ($1.35 million) worth of stocks on Wednesday, and they have been net sellers of 9.3 billion rupees since the political crisis started on Oct. 26. The bond market saw outflows of about 34.2 billion rupees between Oct. 25 and Nov. 28, central bank data showed.

** This year, there have been 18.7 billion rupees of outflows from stocks and 123.2 billion rupees from government securities, the latest data from the bourse and central bank data showed. 

** The rupee ended at 179.20/25 per dollar on Wednesday, compared with 179.00/20 in the previous session. It has weakened about 3.4 percent since the political crisis began. The currency fell 1.8 percent in November and 16.8 percent so far this year.


** The rupee hit a record low of 180.85 per dollar on Nov. 28, surpassing its previous low of 180.50 hit the previous day. 

** Moody’s downgraded Sri Lanka on Nov. 20 for the first time since it started rating the country in 2010, blaming the political turmoil for aggravating its already problematic finances. 

** The political paralysis remains the main concern of investors. While Mahinda Rajapaksa and President Maithripala Sirisena have failed to win support in parliament for their new government, the deposed prime minister Ranil Wickremesinghe’s coalition, which claims it does have majority support in parliament, has not been allowed to try to form a government. Although Rajapaksa was ousted via two confidence votes, he has refused to step down.

** The central bank on Nov. 14 unexpectedly raised its main interest rates to defend the rupee, which has faltered as foreign capital outflows pick up due to the domestic crisis as well as rising U.S. interest rates.

** Five-year government bond yields have risen 45 basis points since the political crisis unfolded on Oct. 26, while yields on Sri Lanka’s dollar bonds due in 2022 have risen by more than a percentage point to 8.13 percent since the crisis began.

** The Colombo stock index fell 0.24 percent to 5,997.23 on Wednesday. It had risen 1.5 percent last week, recording its first weekly gain in four. It gained 1.1 percent in November and has declined 5.8 percent so far this year. 

** Stock market turnover was 614.7 million rupees on Wednesday, less than this year’s daily average of 831.3 million rupees.

($1 = 179.1000 Sri Lankan rupees) 

(Reporting by Ranga Sirilal and Shihar Aneez; Editing by Amrutha Gayathri)

Sri Lankan rupee ends weaker after rating downgrades

Reuters: ** The Sri Lankan rupee closed weaker on Tuesday with banks buying dollars as investors continued to sell rupee-denominated assets on credit rating downgrades by rating agencies and a delayed IMF loan discussion in the wake of a political crisis.

** Credit rating agencies Fitch and Standard & Poor’s downgraded Sri Lanka on Tuesday, citing refinancing risks and an uncertain policy outlook, after President Maithripala Sirisena’s sacking of his prime minister in October triggered a political crisis.

** Foreigners sold a net 354.9 million rupees ($1.98 million) worth of stocks on Tuesday, and they have been net sellers of 9.1 billion rupees since the political crisis started on Oct. 26. The bond market saw outflows of about 34.2 billion rupees between Oct. 25 and Nov. 28, central bank data showed.

** This year, there have been 18.5 billion rupees of outflows from stocks and 123.2 billion rupees from government securities, the latest data from the bourse and central bank data showed. 

** The rupee ended at 179.00/20 per dollar on Tuesday, compared with 178.70/90 in the previous session. It has weakened about 3.3 percent since the political crisis began. The currency fell 1.8 percent in November and 16.6 percent so far this year.

** The rupee hit a record low of 180.85 per dollar on Nov. 28, surpassing its previous low of 180.50 hit the previous day. 

** Moody’s downgraded Sri Lanka on Nov. 20 for the first time since it started rating the country in 2010, blaming the political turmoil for aggravating its already problematic finances.

** The political standoff took another turn on Monday as a court issued an order preventing Mahinda Rajapaksa from acting as prime minister and holding cabinet meetings.

** The new government has not been recognised by any foreign countries because they have not proven their parliament majority. 

** The political paralysis remains the main concern of investors. While Rajapaksa and President Maithripala Sirisena have failed to win support in parliament for their new government, the deposed prime minister Ranil Wickremesinghe’s coalition, which claims it does have majority support in parliament, has not been allowed to try to form a government.

** The political impasse could be set to drag on longer after President Sirisena said on Monday he would not reinstate Wickremesinghe as prime minister even if he is backed by all 225 lawmakers in the parliament.

** The central bank on Nov. 14 unexpectedly raised its main interest rates to defend the rupee, which has faltered as foreign capital outflows pick up due to the domestic crisis as well as rising U.S. interest rates.

** Five-year government bond yields have risen 60 basis points since the political crisis unfolded on Oct. 26, while yields on Sri Lanka’s dollar bonds due in 2022 have risen by more than a percentage point to 8.24 percent since the crisis began.

** The Colombo stock index fell 0.22 percent to 6,011.68 on Tuesday. It had risen 1.5 percent last week, recording its first weekly gain in four. It gained 1.1 percent in November and has declined 5.6 percent so far this year. 

** Stock market turnover was 867 million rupees on Tuesday, more than this year’s daily average of 833.9 million rupees.

($1 = 178.8000 Sri Lankan rupees) 

(Reporting by Ranga Sirilal and Shihar Aneez; Editing by Amrutha Gayathri)

Sri Lankan rupee ends firmer on dollar remittances

Reuters: ** The Sri Lankan rupee closed firmer on Monday as banks sold dollars due to month-end inward remittances, but the rupee is still under pressure as investors continue to sell rupee-denominated assets on a credit rating downgrade and a delayed IMF loan discussion in the wake of a political crisis.

** Foreigners sold a net 13.5 million rupees ($75,587) worth of stocks on Monday, and they have been net sellers of 8.7 billion rupees since the political crisis started on Oct. 26. The bond market saw outflows of about 34.2 billion rupees between Oct. 25 and Nov. 28, central bank data showed.

** This year, there have been 18.1 billion rupees of outflows from stocks and 123.2 billion rupees from government securities, the latest data from the bourse and central bank data showed. ** The rupee ended at 178.70/90 per dollar on Monday, compared with 178.80/179.20 in the previous session. It has weakened about 3.2 percent since the political crisis began. The currency fell 1.8 percent in November and 16.4 percent so far this year.

** The rupee hit a record low of 180.85 per dollar on Wednesday, surpassing its previous low of 180.50 hit on the previous day.

** Moody’s downgraded Sri Lanka on Nov. 20 for the first time since it started rating the country in 2010, blaming the political turmoil for aggravating its already problematic finances.

** The downgrade coincided with a decision by the International Monetary Fund to delay discussions on its loan tranche to Sri Lanka.

** The political standoff took another turn on Monday as a court issued an order preventing Mahinda Rajapaksa from acting as prime minister and holding cabinet meetings.

** The new government has not been recognised by any foreign countries because they have not proven their parliament majority. 

** The political paralysis remains the main concern of investors. While Rajapaksa and President Maithripala Sirisena have failed to win support in parliament for their new government, the deposed prime minister Ranil Wickremesinghe’s coalition, which claims it does have majority support in parliament, has not been allowed to try to form a government.

** The political impasse could be set to drag on longer after President Sirisena said last week he would not reinstate Wickremesinghe as prime minister even if he was able to prove his majority in parliament.

** The central bank on Nov. 14 unexpectedly raised its main interest rates to defend the rupee, which has faltered as foreign capital outflows pick up due to the domestic crisis as well as rising U.S. interest rates.

** Five-year government bond yields have risen 55 basis points since the crisis unfolded on Oct. 26.

** The Colombo stock index rose 0.1 percent to 6,025.20 on Monday. It rose 1.5 percent last week, recording its first weekly gain in four. It gained 1.1 percent in November and has declined 5.5 percent so far this year.

** Stock market turnover was 445.9 million rupees on Monday, less than this year’s daily average of 833.9 million rupees.

** For a report on global markets, click here. For a report on major currencies, click 

($1 = 178.6000 Sri Lankan rupees) 

(Reporting by Ranga Sirilal and Shihar Aneez; Editing by Amrutha Gayathri)

Sri Lankan rupee ends firmer on remittances, but remains under pressure

Reuters: ** The Sri Lankan rupee closed firmer on Friday as banks sold dollars due to month-end inward remittances, but the currency is still under pressure as investors continue to dump rupee-denominated assets on a credit rating downgrade and a delay in an IMF loan discussion in the wake of a political crisis.

** Foreigners sold a net 415.1 million rupees ($2.33 million) worth of stocks on Friday, and they have been net sellers of 8.7 billion rupees since the political crisis started on Oct. 26. The bond market saw outflows of about 34.2 billion rupees between Oct. 25 and Nov. 28, central bank data showed.

** This year, there have been 18.1 billion rupees of outflows from stocks and 123.2 billion rupees from government securities, the latest data from the bourse and central bank data showed. 

** The rupee ended at 178.80/179.20 per dollar on Friday, compared with 179.70/180.00 in the previous session. It has weakened around 3.2 percent since the political crisis began. The currency fell 1.8 percent in November and 16.4 percent so far this year.

** The rupee hit a record low of 180.85 per dollar on Wednesday, surpassing its previous low of 180.50 hit on Tuesday.

** Moody’s downgraded Sri Lanka last week for the first time since it started rating the country in 2010, blaming the political turmoil for aggravating its already problematic finances.

** The downgrade coincided with a decision by the International Monetary Fund to delay discussions on its loan tranche to Sri Lanka.

** The political standoff took another turn on Friday as the parliament voted to halt payment of ministers’ salaries and travel expenses, but it remained unclear how the move would impact the disputed government of Prime Minister Mahinda Rajapaksa whose ministers boycotted the vote.

** The new government has not been recognised by any foreign countries because they have not proven their parliament majority. 

** The political paralysis remains the main concern of investors. While Rajapaksa and President Maithripala Sirisena have failed to win support in parliament for their new government, the deposed prime minister Ranil Wickremesinghe’s coalition, which claims it does have majority support in parliament, has not been allowed to try to form a government.

** The political impasse could be set to drag on longer after President Sirisena said on Sunday he would not reinstate Wickremesinghe as prime minister even if he was able to prove his majority in parliament.

** The central bank on Nov. 14 unexpectedly raised its main interest rates to defend the rupee, which has faltered as foreign capital outflows pick up due to the domestic crisis as well as rising U.S. interest rates. 

** Five-year government bond yields have risen 60 basis points since the crisis unfolded on Oct. 26.

** The Colombo stock index rose 0.44 percent to 6,019.33 on Friday. It rose 1.5 percent this week, recording its first weekly gain in four. It gained 1.1 percent in November and has declined 5.5 percent so far this year.

** Stock market turnover was 1.4 billion rupees on Friday, more than this year’s daily average of 833.9 million rupees. 

($1 = 178.5000 Sri Lankan rupees) 

(Reporting by Ranga Sirilal and Shihar Aneez; Editing by Subhranshu Sahu)

Sri Lankan rupee ends slightly weaker on economic woes

Reuters: ** The Sri Lankan rupee closed marginally weaker on Thursday as investors dumped rupee-denominated assets on a credit rating downgrade and a delay in an IMF loan discussion in the wake of a political crisis. 

** The rupee hit a record low of 180.85 per dollar on Wednesday, surpassing its previous low of 180.50 hit on Tuesday.

** It ended at 179.70/180.00 per dollar on Thursday, compared with 179.50/90 in the previous session. It has weakened around 3.7 percent since the political crisis began on Oct. 26 and 17 percent so far this year.

** Moody’s downgraded Sri Lanka last week for the first time since it started rating the country in 2010, blaming the political turmoil for aggravating its already problematic finances.

** The downgrade coincided with a decision by the International Monetary Fund to delay discussions on its loan tranche to Sri Lanka.

** The political standoff took another turn on Thursday as the parliament cut the budget of the Prime Minister’s office, a move designed to hinder disputed premier Mahinda Rajapaksa whose supporters boycotted the vote in the latest twist in a weeks-long political stalemate.

** The new government has not been recognised by any foreign countries because they have not proven their parliament majority. 

** The political paralysis remains the main concern of investors. While Rajapaksa and President Maithripala Sirisena have failed to win support in parliament for their new government, the deposed prime minister Ranil Wickremesinghe’s coalition, which claims it does have majority support in parliament, has not been allowed to try to form a government.

** The political impasse could be set to drag on longer after President Sirisena said on Sunday he would not reinstate Wickremesinghe as prime minister even if he was able to prove his majority in parliament.

** The central bank on Nov. 14 unexpectedly raised its main interest rates to defend the rupee, which has faltered as foreign capital outflows pick up due to the domestic crisis as well as rising U.S. interest rates.

** Foreigners sold a net 143.1 million rupees ($797,214.5) worth of stocks on Thursday, and they have been net sellers of 8.2 billion rupees since the political crisis started on Oct. 26. The bond market saw outflows of about 29 billion rupees between Oct. 25 and Nov. 21, central bank data showed.

** This year, there have been 17.7 billion rupees of outflows from stocks and 118.8 billion rupees from government securities, the latest data from the bourse and central bank data showed.

** Five-year government bond yields have risen 60 basis points since the crisis unfolded on Oct. 26.

** The Colombo stock index rose 0.19 percent to 5,992.70 on Thursday. It declined 0.41 percent last week following a 0.39 percent fall the previous week. It has fallen 5.9 percent so far this year.

** Stock market turnover was 745.9 million rupees on Thursday, less than this year’s daily average of 831.2 million rupees. 

($1 = 179.5000 Sri Lankan rupees) 

(Reporting by Ranga Sirilal and Shihar Aneez; Editing by Subhranshu Sahu)

Sri Lankan rupee hits lows on political uncertainty; ends higher on bank dlr sales

Reuters: ** The Sri Lankan rupee hit a record low for a sixth straight session on Wednesday as investors dumped rupee-denominated assets after a credit rating downgrade and a delay in an IMF loan discussion in the wake of a political crisis. 

** It ended firmer due to central bank greenback selling to prop up the currency. 

** The rupee hit a fresh low of 180.85 per dollar, surpassing its previous low of 180.50 hit on Tuesday. It ended at 180.50/90 per dollar on Wednesday, compared with 180.40/90 in the previous session. It has weakened around 3.6 percent since the political crisis began on Oct. 26 and 17 percent so far this year.

** Moody’s downgraded Sri Lanka last week for the first time since it started rating the country in 2010, blaming the political turmoil for aggravating its already problematic finances.

** The downgrade coincided with a decision by the International Monetary Fund to delay discussions on its loan tranche to Sri Lanka.

** The political standoff took another turn on Friday when the lawmakers who back the disputed prime minister, Mahinda Rajapaksa - who has refused to resign despite losing two confidence votes in parliament - walked out of the chamber in the face of another defeat there.

** On Monday, lawmakers who back Rajapaksa boycotted the parliament session. Rajapaksa and the new government have not been recognised by any foreign countries because they have not proven their parliament majority. 

** The political paralysis remains the main concern of investors. While Rajapaksa and President Maithripala Sirisena have failed to win support in parliament for their new government, the deposed prime minister Ranil Wickremesinghe’s coalition, which claims it does have majority support in parliament, has not been allowed to try to form a government.

** The political impasse could be set to drag on longer after President Sirisena said on Sunday he would not reinstate Wickremesinghe as prime minister even if he was able to prove his majority in parliament.

** The central bank on Nov. 14 unexpectedly raised its main interest rates to defend the rupee, which has faltered as foreign capital outflows pick up due to the domestic crisis as well as rising U.S. interest rates.

** Foreigners sold a net 201.9 million rupees ($1.13 million) worth of stocks on Tuesday, and they have been net sellers of 7.9 billion rupees since the political crisis started on Oct. 26. The bond market saw outflows of about 29 billion rupees between Oct. 25 and Nov. 21, central bank data showed.

** This year, there have been 17.3 billion rupees of outflows from stocks and 118.8 billion rupees from government securities, the latest data from the bourse and central bank data showed.

** Five-year government bond yields have risen 70 basis points since the crisis unfolded on Oct. 26.

** The Colombo stock index rose 0.16 percent to 5,981.16 on Wednesday. It declined 0.41 percent last week following a 0.39 percent fall previous week. It has fallen 6.1 percent so far this year.

** Stock market turnover was 409.3 million rupees on Wednesday, less than half of this year’s daily average of 831.6 million rupees.

($1 = 179.4000 Sri Lankan rupees) 

(Reporting by Ranga Sirilal and Shihar Aneez; Editing by Subhranshu Sahu and Louise) Heavens