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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Sri Lanka rupee fall unnecessary, no cause for concern: CB Governor

Sri Lanka rupee fall unnecessary, no cause for concern: CB Governor

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Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
June 27, 2013 (LBO) - Sri Lanka's rupee was quoted as weak as 130.75/90 to the US dollar in the spot market Thursday, dealers said.

In December the rupee traded at 130.55 levels, according to Bloomberg data.

One week forwards were traded around 130.40/45 dealers said.

The rupee steadily weakened amid excess liquidity in money markets in the past three weeks in the absence of any outright sales of Treasuries by the Central Bank in the month of May.

In June however there have been several outright sales of Treasuries to withdraw liquidity, which analysts say may help the currency going forward.

On July 01 about 35-40 billion rupees in liquidity is expected to be released by a cut in the statutory reserve ratio, which could also put further pressure on the currency, unless followed up by aggressive open market operations are conducted.

The currency weakness comes amid volatility in regional currencies, including the Indian rupee.

Sri Lanka's rupee has tended to weaken over the longer term, partly due to monetizing debt and also due to inconsistent operational arrangements, analysts have said.

Sri Lanka's central bank intervenes in forex markets to buy large capital inflows, especially to the state, but has reduced interventions to sell, a practice which analysts have warned tends to push the rupee down and has made it a 'crawling peg' historically.
http://www.lankabusinessonline.com/news/sri-lanka-rupee-reaches-130-to-the-dollar/519887542

sriranga

sriranga
Co-Admin
COLOMBO, June 27 (Reuters) - Sri Lanka's central bank sold dollars in the foreign exchange market to stabilise a sliding rupee on Thursday as foreign investors continued to pull out of treasury bonds after the U.S. Federal Reserve last week confirmed plans to trim its massive stimulus.

The rupee fell 1.05 percent on Thursday to hit 130.90, its lowest since Nov. 8, from Wednesday's close of 129.50/55, weighed down by dollar demand from foreign investors who have been selling T-bonds in the secondary market, currency dealers said.

Dollar assets have become a big lure for investors as the Fed prepares to dial down its massive bond-buying programme, which has triggered a huge selloff in emerging market bonds and currencies in the past week.

However, the rupees recovered to 130.40 as one of the two state-run banks, through which the central bank usually directs the market, sold dollars at 130.40, three currency dealers said.

'We intervened in the market to a certain extent,' Nandalal Weerasinghe, central bank deputy governor told Reuters. 'Apparently we see demand coming from small bond and equity-related selling. We absorbed 100 percent of the bond inflows. So we have some responsibility to smoothen the market when they are selling, in a way to stabilise the market. We have the space to supply dollars. The bond sales were around $2-3 million.'

Currency dealers said the absence of exporter selling aggravated the shortage of dollars amid importer panic buying seen on forwards.

The central bank, which has repeatedly said it would intervene in periods of excessive volatility, on Wednesday said it will maintain flexibility in the rupee exchange rate despite the currency's weakening trend.

Dealers said a 2 percent cut in commercial banks' statutory reserve ratio (SRR) by the central bank earlier in the day would have also prompted foreigners to either take profits or change positions to go for short-tenure securities.

The rupee hit a record low of 134.30 on June 28, 2012, after the central bank moved to a flexible rupee exchange rate regime in February last year.

The rupee has fallen 1.51 percent so far this week and 3.38 percent through this month.

It has dropped 2.56 percent so far this year following a 10.7 percent depreciation in 2012.

(Reporting by Shihar Aneez and Ranga Sirilal; Editing by Shri Navaratnam)

(shihar.aneez@thomsonreuters.com)(+94-11-232-5540)(Reuters Messaging: shihar.aneez.thomsonreuters.com@reuters.net)
http://www.xe.com/news/2013/06/27/3416673.htm

http://sharemarket-srilanka.blogspot.co.uk/

rainmaker


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
@Sri where can I find daily volume of FX transactions with respect to the LKR USD cross rate

Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
June 27, 2013 (LBO) - A sharp weakening of the rupee against the US dollar was unnecessary and there was no cause for concern Central Bank Governor Nivard Cabraal said as the rupee fell to one year lows.

"There is no need for concern," Cabraal said. "Those who buy at high prices will get hurt."

The Sri Lanka rupee fell little over one percent against the US dollar Thursday, the sharpest fall since June 2012 according to data compiled by Bloomberg newswires.

In intra-day trade the rupee was quoted as low as 139.90 to the US dollar in the spot market levels not seen since November 14, when it was around 130.79.

In late trading the rupee was quoted around 130.65 levels, dealers said.

Concern that foreign investors were selling out of Sri Lanka was not borne out. Some investors were selling long term bonds and buying short term.

Cabraal said at this week's Treasuries action foreign investors bought up to 15 billion rupees worth securities.

The rupee started to slide amid excess liquidity in money market and minimal intervention by the Central Bank.

Earlier in the year the central bank had intervened at around 127.00 and 125.00 to the US dollar.

A central bank can intervene safely in the forex market until excess liquidity disappears (unsterilized interventions), but a currency can slide rapidly when liquidity shortages start to be filled with fresh local money.

The Central Bank had been selling its Treasury bill stock down in June, after a pause in May which may help arrest the slide going forward analysts say. A central bank can kill liquidity either by dollars sales or bond sales from its own balance sheet.
http://www.lankabusinessonline.com/news/sri-lanka-rupee-fall-unnecessary,-no-cause-for-concern:-cb-governor/1108072407

sriranga

sriranga
Co-Admin
Sri Lanka's main stock index edged up 0.64 percent, or 38.68 points, to 6,111.36, ending a four straight session falling streak and recovering from its lowest close since May 3 hit in the previous session.

Investors picked up banking shares, but stockbrokers said concerns over a possible pullout by more foreign funds dented sentiment.

Foreign selling accounted for 72.3 percent of the day's turnover of 1.31 billion rupees ($10.11 million), more than this year's daily average of around 1 billion rupees.

Foreigners bought stocks worth 451 million rupees on Thursday, while net foreign outflows were 496.6 million rupees, extending the total outflows to 1.17 billion rupees in the last three sessions.

http://sharemarket-srilanka.blogspot.co.uk/

malanp


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics

wait for tomorrow, if $ closes at 130 then we can see little profits up of few banks. in this qtr.

Last qtr closing price was 126+ and 4 ruppee gain for one doller means something for bank like samp, as they have good positions in doller.

salt

salt
Vice President - Equity Analytics
Vice President - Equity Analytics
COMB will be the biggest beneficiary if history is any guide

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