Sri Lanka rupee ends steady; shares post over 6-wk closing low

Reuters: ** Sri Lanka’s rupee closed steady on Friday in dull trade as dollar selling by banks offset importer demand for the greenback, while political uncertainty dented investor sentiment. 

** Sri Lankan shares posted a more than six-week closing low. 

** The Colombo Stock Index ended 0.28 percent weaker at 5,967.27, its lowest close since Nov. 26. The trading volume was thin as worried investors awaited political cues after the last quarter’s turmoil. The benchmark stock index lost 5 percent in 2018. 

** Turnover was 814.1 million rupees ($4.48 million), less than last year’s daily average of 834 million rupees. 

** Foreign investors sold a net 143.2 million rupees worth of shares on Friday. They have been net sellers of 14.3 billion rupees worth of stocks since a political crisis began on Oct. 26. The bond market saw outflows of 74.3 billion rupees between Oct. 25 and Jan. 2, the latest central bank data showed. 

** Foreign investors pulled a net 22.8 billion rupees out of stocks last year, while they net sold 159.8 billion rupees from government securities from January through Dec. 26, bourse and central bank showed data. 

** The rupee ended at 181.90/182.00 per dollar on Friday, compared with 181.90/182.10 in the previous session, market sources said. On Jan.3, the rupee had fallen to an all-time low of 183.00 against the dollar. 

** The rupee fell 19 percent in 2018, making it one of the worst-performing currencies in Asia, according to Refinitiv data, due to heavy foreign outflows. 

** The rupee has declined about 5 percent since the political crisis started. 

** The central bank said last week it would stick to an exchange rate policy of cautious intervention in times of excessive volatility in the forex market. 

** The policy is designed to maintain a competitive exchange rate and support the rebalancing of the current account, thereby supporting a gradual build-up of reserves, central bank chief Indrajit Coomaraswamy said last week, unveiling economic policies for 2019. 

** The central bank on Wednesday said that the Reserve Bank of India (RBI) had agreed to provide $400 million to it under a regional swap facility and it had also requested a further bilateral swap arrangements of $1 billion. 

** Sri Lanka President Maithripala Sirisena appointed a cabinet of ministers from his rival party on Dec. 21 after he was forced to reinstate Ranil Wickremesinghe as prime minister, 51 days after he was sacked. 

** The crisis is expected to ease, though tense relations between the two men could cause fiscal problems, analysts say. Parliament has approved 1.77 trillion rupees ($9.39 billion) to meet the first four months of expenditure in 2019, averting a government shutdown from Jan. 1. 

** Sri Lanka plans to increase government spending by 13.2 percent from last year to 4.47 trillion rupees ($24.51 billion) in 2019, the finance ministry said on Tuesday. 

** Credit agencies Fitch and S&P downgraded Sri Lanka’s sovereign rating in early December, citing refinancing risks and an uncertain policy outlook. 

($1 = 181.8000 Sri Lankan rupees) 

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

Sri Lanka rupee rises as banks sell dollars; shares steady near 6-wk closing low

Reuters: ** Sri Lanka’s rupee closed higher on Thursday as banks sold dollars but political uncertainty dented investor sentiment. 

** Sri Lankan shares closed steady near a more than six-week closing low hit in the previous session. 

** The Colombo Stock Index ended 0.03 percent firmer at 5,984.05, narrowly shaved from its lowest close since Nov. 27 hit on Wednesday, in dull trade as worried investors awaited political cues after the last quarter’s turmoil. The benchmark index lost 5 percent in 2018. 

** Turnover was 390.1 million rupees ($2.14 million), less than half of the last year’s daily average of 834 million rupees. 

** Foreign investors sold a net 274 million rupees worth of shares on Thursday. They have been net sellers of 14.1 billion rupees worth of stocks since a political crisis began on Oct. 26. The bond market saw outflows of 74.3 billion rupees between Oct. 25 and Jan. 2, the latest central bank data showed. 

** Foreign investors pulled a net 22.8 billion rupees out of stocks last year, while they net sold 159.8 billion rupees from government securities from January through Dec. 26, bourse and central bank showed data. 

** The rupee ended at 181.90/182.10 per dollar on Thursday, compared with 182.25/40 in the previous session, market sources said. On Jan.3, the rupee had fallen to an all-time low of 183.00 against the dollar. 

** The rupee fell 19 percent in 2018, making it one of the worst-performing currencies in Asia, according to Refinitiv data, due to heavy foreign outflows. 

** The rupee has declined about 5 percent since the political crisis started. 

** The central bank said last week it would stick to an exchange rate policy of cautious intervention in times of excessive volatility in the forex market. 

** The policy is designed to maintain a competitive exchange rate and support the rebalancing of the current account, thereby supporting a gradual build-up of reserves, central bank chief Indrajit Coomaraswamy said last week, unveiling economic policies for 2019. 

** The central bank on Wednesday said that the Reserve Bank of India (RBI) had agreed to provide $400 million to it under a regional swap facility and it had also requested a further bilateral swap arrangements of $1 billion. 

** Sri Lanka President Maithripala Sirisena appointed a cabinet of ministers from his rival party on Dec. 21 after he was forced to reinstate Ranil Wickremesinghe as prime minister, 51 days after he was sacked. 

** The crisis is expected to ease, though tense relations between the two men could cause fiscal problems, analysts say. Parliament has approved 1.77 trillion rupees ($9.39 billion) to meet the first four months of expenditure in 2019, averting a government shutdown from Jan. 1. 

** Sri Lanka plans to increase government spending by 13.2 percent from last year to 4.47 trillion rupees ($24.51 billion) in 2019, the finance ministry said on Tuesday. 

** Credit agencies Fitch and S&P downgraded Sri Lanka’s sovereign rating in early December, citing refinancing risks and an uncertain policy outlook.

($1 = 181.9000 Sri Lankan rupees) 

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

Sri Lanka rupee rises as foreign banks sell dollar; shares at over 6-wk low

Reuters: ** Sri Lanka’s rupee closed higher on Wednesday as foreign banks sold dollars but political uncertainty dented investor sentiment, dragging the benchmark stock index down to a more than six-week low. 

** The Colombo Stock Index fell 0.17 percent to end at 5,982.19, its lowest close since Nov. 27, as worried investors awaited political cues after the last quarter’s turmoil. The benchmark index lost 5 percent in 2018.

** Turnover was 216.4 million rupees ($1.19 million), nearly a quarter of last year’s daily average of 834 million rupees.

** Foreign investors were net sellers of 4.3 million rupees worth of shares on Wednesday. They have been net sellers of 13.9 billion rupees worth of stocks since a political crisis began on Oct. 26. The bond market saw outflows of 74.3 billion rupees between Oct. 25 and Jan. 2, the latest central bank data showed.

** Last year through Dec. 26, foreign investors pulled a net 22.8 billion rupees out of stocks, and 159.8 billion rupees from government securities, bourse and central bank showed data.

** The rupee ended at 182.25/40 on Wednesday, compared with 182.50/70 in the previous session, market sources said. On Thursday, the rupee had fallen to an all-time low of 183.00 against the dollar. 

** The rupee fell 19 percent in 2018, making it one of the worst-performing currencies in Asia, according to Refinitiv data, due to heavy foreign outflows.

** The rupee has declined about 5.04 percent since the political crisis started. 

** The central bank said last week it would stick to an exchange rate policy of cautious intervention in times of excessive volatility in the forex market.

** The policy is designed to maintain a competitive exchange rate and support the rebalancing of the current account, thereby supporting a gradual build-up of reserves, central bank chief Indrajit Coomaraswamy said last week, unveiling economic policies for 2019.

** President Maithripala Sirisena appointed a cabinet of ministers from his rival party on Dec. 21 after he was forced to reinstate Ranil Wickremesinghe as prime minister, 51 days after he was sacked. 

** The crisis is expected to ease, though tense relations between the two men could cause fiscal problems, analysts say. Parliament has approved 1.77 trillion rupees ($9.39 billion) to meet the first four months of expenditure in 2019, averting a government shutdown from Jan. 1.

** Sri Lanka plans to increase government spending by 13.2 percent from last year to 4.47 trillion rupees ($24.51 billion) in 2019, the finance ministry said on Tuesday.

** Credit agencies Fitch and S&P downgraded Sri Lanka’s sovereign rating in early December, citing refinancing risks and an uncertain policy outlook.

($1 = 182.3000 Sri Lankan rupees) 

(Reporting by Shihar Aneez and Ranga Sirilal; Editing by Rashmi Aich)

Sri Lanka rupee ends weaker on importer, bank dollar demand; stocks at 6-week low

Reuters: ** Sri Lanka’s rupee ended weaker on Tuesday as importer dollar demand and continued outflows of foreign funds from government bonds and stock markets due to political uncertainty dented investor sentiment. The bourse fell to a six-week low. 

** The Colombo Stock Index fell 0.51 percent to settle at 5,992.36, its lowest close since Nov. 28, as worried investors awaited political cues after the last quarter’s turmoil. The bourse lost 5 percent in 2018.

** Turnover was 933 million rupees ($5.11 million), more than last year’s daily average of 834 million rupees.

** Foreign investors were net sellers of 124.8 million rupees worth of shares on Tuesday. They have been net sellers of 13.9 billion rupees worth of stocks since a political crisis began on Oct. 26. The bond market saw outflows of 74.3 billion rupees between Oct. 25 and Jan. 2, the latest central bank data showed.

** Last year through Dec. 26, foreign investors pulled a net 22.8 billion rupees out of stocks, and 159.8 billion rupees from government securities, according to bourse and central bank showed data.

** The rupee ended at 182.50/70 on Tuesday, compared with 182.30/40 in the previous session, market sources said. On Thursday, the rupee had fallen to an all-time low of 183.00 against the dollar. 

** The rupee fell 19 percent in 2018, making it one of the worst-performing currencies in Asia, Refinitiv Eikon data showed, due to heavy foreign outflows.

** The rupee has declined about 5.2 percent since the political crisis started. 

** The central bank said last week it would stick to an exchange rate policy of cautious intervention in times of excessive volatility in the forex market.

** That policy is designed to maintain a competitive exchange rate and support the rebalancing of the current account, thereby supporting a gradual build-up of reserves, central bank chief Indrajit Coomaraswamy said on Wednesday, unveiling economic policies for 2019.

** President Maithripala Sirisena appointed a cabinet of ministers from his rival party on Dec. 21 after he was forced to reinstate Ranil Wickremesinghe as prime minister, 51 days after he was sacked. 

** The crisis is expected to ease, though tense relations between the two men could cause fiscal problems, analysts say. Parliament has approved 1.77 trillion rupees ($9.39 billion) to meet the first four months of expenditure in 2019, averting a government shutdown from Jan. 1.

** Sri Lanka plans to increase government spending by 13.2 percent from last year to 4.47 trillion rupees ($24.51 billion) in 2019, the finance ministry said on Tuesday.

** Credit agencies Fitch and S&P downgraded Sri Lanka’s sovereign rating in early December, citing refinancing risks and an uncertain policy outlook.

($1 = 182.5000 Sri Lankan rupees) 

(Reporting by Ranga Sirilal and Shihar Aneez Editing by Mark Heinrich)

Sri Lanka stock exchange changes rules to list foreign firms

ECONOMYNEXT - Sri Lanka’s Colombo Stock Exchange said it has amended its listing rules to enable listing and trading of shares of foreign companies on its multi-currency board (MCB).

A foreign firm can list its shares on the CSE’s multi-currency board denominated in a currency approved by the central bank of Sri Lanka, a CSE statement said.

The stock exchange said it also changed its Automated Trading Rules and Central Depository System (CDS) rules to allow trading in shares of foreign firms.

Trading in shares of listed foreign firms will initially be restricted to non-resident investors with an account in the off-shore banking unit of a licensed commercial bank in Sri Lanka and operating through a custodian bank in the CDS.

The changes are aimed at attracting firms already listed in overseas exchanges and seeking a secondary listing.

Officials have said Maldivian hotel companies have shown interest in listing on the MCB.

Sri Lankan rupee ends firmer on mild dollar inflows; stocks down

Reuters: ** The Sri Lankan rupee recovered further on Monday, after hitting a record low in the previous week, helped by mild dollar inflows.

** The Colombo Stock Index fell 0.74 percent to settle at 6,022.99. The bourse had lost 5 percent in 2018.

** The turnover was 405.1 million rupees ($2.22 million), less than half of last year’s daily average of 834 million rupees, as investors awaited political cues after last year’s turmoil.

** Foreign investors were net sellers of 205.9 million rupees worth of shares on Monday. They have been net sellers of 13.7 billion rupees worth of stocks since the political crisis began. The bond market saw outflows of about 74.3 billion rupees between Oct. 25 and Jan. 2, the central bank’s latest data showed.

** Last year until Dec. 26, foreign investors pulled out net 22.8 billion rupees from stocks, and 159.8 billion rupees from government securities, data from the bourse and central bank showed.

** The rupee ended at 182.30/40 on Monday, compared with 182.60/80 in the previous session, market sources said. On Thursday, the rupee had fallen to an all-time low of 183.00 against the dollar.

** The currency fell 19 percent in 2018, making it one of the worst-performing currencies in Asia, Refinitiv Eikon data showed, due to heavy foreign outflows.

** The currency has declined about 5.1 percent since a political crisis began on Oct. 26.

** The central bank last week said it will stick to an exchange rate policy of cautious intervention in times of excessive volatility in the forex market.

** That policy is designed to maintain competitiveness of the exchange rate and support the rebalancing of the current account, thereby supporting a gradual build-up of central bank chief Indrajit Coomaraswamy said on Wednesday, unveiling economic policies for 2019.

** President Maithripala Sirisena appointed a cabinet of ministers from his rival party on Dec. 21 after he was forced to reinstate Ranil Wickremesinghe as prime minister, 51 days after he was sacked.

** The political crisis is expected to ease, though tense relations between the two men could cause fiscal problems, analysts have said. Parliament has approved 1.77 trillion rupees ($9.39 billion) to meet the first four months of expenditure in 2019, averting a government shutdown from Jan. 1.

** Credit agencies Fitch and S&P downgraded Sri Lanka’s sovereign rating in early December, citing refinancing risks and uncertain policy outlook.

($1 = 182.2000 Sri Lankan rupees)

(Reporting by Ranga Sirilal and Shihar Aneez; Editing by Shreejay Sinha)

Sri Lankan rupee recovers; bourse turnover hits 10-yr low

Reuters: ** The Sri Lankan rupee recovered from a near record low hit in the previous session to end higher on Friday, boosted by mild dollar inflows aided by some inward remittances.

** The Colombo Stock Index ended 0.15 percent firmer at 6,067.66 on Friday, clocking its second straight weekly gain.

** But its turnover fell to 68.7 million rupees, its lowest since Feb. 24, 2009, and well below last year’s daily average of 834 million rupees, as many investors awaited to see the direction following the political turmoil. The bourse lost 5 percent in 2018. 

** Foreign investors were net buyers of 668,906 rupees ($3,665.24) worth of shares on Friday. But they have been net sellers of 13.5 billion rupees worth of stocks since the political crisis began. The bond market saw outflows of about 67.6 billion rupees between Oct. 25 and Dec. 26, central bank data showed.

** Last year, there were 22.8 billion rupees of outflows from stocks, while government securities suffered a net 159.8 billion rupees of outflows through to Dec. 26, the latest data from the bourse and central bank showed.

** The rupee ended at 182.60/80 on Friday, compared with 182.80/90 in the previous session, market sources said. On Thursday, the rupee traded at an all-time low of 183.00 against the dollar. 

** The currency fell 19 percent in 2018, making it one of the worst performing currencies in Asia, as heavy foreign outflows from government securities weighed.

** The currency has weakened about 5.4 percent since a political crisis began on Oct. 26. 

** The central bank will stick to an exchange rate policy of cautious intervention at times of excessive volatility in the forex market, central bank chief Indrajit Coomaraswamy said on Wednesday, launching economic policies for 2019.

** That policy is designed to maintain the competitiveness of the exchange rate and support the rebalancing of the current account, thereby supporting a gradual buildup of foreign exchange reserves as an external buffer, he added.

** President Maithripala Sirisena appointed a cabinet of ministers from his rival party on Dec. 21 after he was forced to reinstate Ranil Wickremesinghe as prime minister, 51 days after he was sacked. 

** The political crisis is expected to ease, though uneasy relations between the two men could cause fiscal problems, analysts have said. Parliament has approved 1.77 trillion rupees ($9.39 billion) to meet the first four months of expenditures in 2019 and avert a government shutdown from Jan. 1.

** Credit agencies Fitch and S&P downgraded Sri Lanka’s sovereign rating in early December, citing refinancing risks and an uncertain policy outlook.

($1 = 182.5000 Sri Lankan rupees) 

(Reporting by Ranga Sirilal and Shihar Aneez; Editing by Rashmi Aich)