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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Sri Lankan rupee up

Sri Lankan rupee up

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1Sri Lankan rupee up Empty Sri Lankan rupee up Sun Jul 22, 2012 8:47 pm

notme

notme
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
Sri Lanka's rupee strengthened more than 1 percent against the dollar on Friday due to expectations of further dollar inflows into government bonds and from the sale of a $1 billion eurobond issue, dealers said. Sri Lanka's $1 billion, 10-year sovereign bond was priced at 5.875 percent after being oversubscribed more than ten times.

"Since the oversubscribed sovereign bond issue, we see the rupee strengthening and the confidence coming in," a dealer said asking not to be named. The rupee closed at 131.60/80 against the dollar firmer than Thursday's close of 133.00/10, dealers told Reuters. Stocks slipped on Friday despite President Mahinda Rajapaksa, also the finance minister, meeting with top officials of the Colombo Stock Exchange, Securities and Exchange Commission, and brokerage firms to discuss an ailing market.

The Colombo Stock Exchange's main index edged down 0.06 percent or 2.89 points to 4,888.22. Treasury Secretary P.B. Jayasundera who attended the meeting told Reuters that there was discussion on need for governance and regulation predictability.

Sri Lanka's $13.80 billion stock market has fallen 19.5 percent since the start of the year on concerns over rising interest rates and a sharp depreciation in the rupee currency. The day's turnover was 284.2 million Sri Lanka rupees ($2.14 million), well below this year's daily average of 915.2 million rupees.

source -http://www.brecorder.com



2Sri Lankan rupee up Empty Re: Sri Lankan rupee up Sun Jul 22, 2012 9:25 pm

Antonym

Antonym
Vice President - Equity Analytics
Vice President - Equity Analytics
@notme wrote:Sri Lanka's rupee strengthened more than 1 percent against the dollar on Friday due to expectations of further dollar inflows into government bonds and from the sale of a $1 billion eurobond issue, dealers said.
source -http://www.brecorder.com
Just thinking...
When the LKR strengthens by 1%, the dollar value of a foreign investor's shareholding increases by 1% and vice versa.
In the past year, foreign investors have lost much more than locals - because of the combination of share prices declining and LKR weakening.

3Sri Lankan rupee up Empty Re: Sri Lankan rupee up Sun Jul 22, 2012 9:38 pm

worthiness


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Strength of SL Rupee & further appreciation would boost the investors confidence coupled with IMF positive comments & their continuous alert on implementation of fiscal policies.
Over subscription of sovereign bond issue align a welcome note for foreign investors. Market trend in coming week will justify the effectiveness of ongoing current economic issues if they are in the right path.

4Sri Lankan rupee up Empty Re: Sri Lankan rupee up Sun Jul 22, 2012 9:42 pm

Slstock

Slstock
Director - Equity Analytics
Director - Equity Analytics

When negative news is following it usually comesi n groups. Once the tide turns , then it will be opposite. But based on this 1 instance we cannot come to conclusions that rupree will keep strengthening. I else where mentioned in this forum ( lot of month ago) when the rupee devalue prediction discussion came, that my prediction and comfort zone will be around Rs 130 to usd based on several logical factors. So far it proved okay but ofcouse I could be proved very wrong as I do not control the markets Laughing


@worthiness wrote:Strength of SL Rupee & further appreciation would boost the investors confidence coupled with IMF positive comments & their continuous alert on implementation of fiscal policies.
Over subscription of sovereign bond issue align a welcome note for foreign investors. Market trend in coming week will justify the effectiveness of ongoing current economic issues if they are in the right path.

5Sri Lankan rupee up Empty Re: Sri Lankan rupee up Sun Jul 22, 2012 10:03 pm

The Alchemist


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
@slstock wrote:
When negative news is following it usually comesi n groups. Once the tide turns , then it will be opposite. But based on this 1 instance we cannot come to conclusions that rupree will keep strengthening. I else where mentioned in this forum ( lot of month ago) when the rupee devalue prediction discussion came, that my prediction and comfort zone will be around Rs 130 to usd based on several logical factors. So far it proved okay but ofcouse I could be proved very wrong as I do not control the markets Laughing


@worthiness wrote:Strength of SL Rupee & further appreciation would boost the investors confidence coupled with IMF positive comments & their continuous alert on implementation of fiscal policies.
Over subscription of sovereign bond issue align a welcome note for foreign investors. Market trend in coming week will justify the effectiveness of ongoing current economic issues if they are in the right path.

Does anyone have any idea of the probabilty and size of a potential Oil and Gas find in Sri-Lanka in the future ? This can also have impact on the future USD : SLRS exchange rate.




6Sri Lankan rupee up Empty Re: Sri Lankan rupee up Sun Jul 22, 2012 10:10 pm

Slstock

Slstock
Director - Equity Analytics
Director - Equity Analytics

all we hear what they wanted us to here. Once they said the discovery is still not at the commercial production stage. Now they say again they already found oil. We are only hearing newspaper versions. High time Govn also tell us some info.


@The Alchemist wrote:
@slstock wrote:
When negative news is following it usually comesi n groups. Once the tide turns , then it will be opposite. But based on this 1 instance we cannot come to conclusions that rupree will keep strengthening. I else where mentioned in this forum ( lot of month ago) when the rupee devalue prediction discussion came, that my prediction and comfort zone will be around Rs 130 to usd based on several logical factors. So far it proved okay but ofcouse I could be proved very wrong as I do not control the markets Laughing


@worthiness wrote:Strength of SL Rupee & further appreciation would boost the investors confidence coupled with IMF positive comments & their continuous alert on implementation of fiscal policies.
Over subscription of sovereign bond issue align a welcome note for foreign investors. Market trend in coming week will justify the effectiveness of ongoing current economic issues if they are in the right path.

Does anyone have any idea of the probabilty and size of a potential Oil and Gas find in Sri-Lanka in the future ? This can also have impact on the future USD : SLRS exchange rate.




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