The Sri Lankan rupee depreciated further against the US dollar across commercial banks on Tuesday, with the selling rate touching Rs. 340 at some lenders, Newswire reported.
People’s Bank quoted the selling rate at Rs. 340.67, up from Rs. 334.41 on Monday, and the buying rate at Rs. 331.15, up from Rs. 327.19. The selling level is the highest published commercial bank quote for this cycle.
NDB Bank moved its dollar rate to 328.50/337.50, from 327.75/334.25 a day earlier. Commercial Bank quoted 327.45/338.50, Sampath Bank 330.50/339.50 and Seylan Bank 327.25/339.00. EconomyNext separately recorded the dealer telegraphic transfer rate at 328.50/337.50, with the British pound at 439.61/453.66 and the euro at 380.10/394.02.
There was no spot closing quote for the rupee on Tuesday after trades ranged between 327.85 and 328.90, EconomyNext said in a separate end-of-day report. The dealer telegraphic transfer rate settled at 330.50 buying and 339.50 selling, marginally tighter than the intraday quote.
Bond yields rose more sharply through the day than the morning reading suggested. The 15.12.2029 paper closed at 10.20/10.30 percent, up from 10.00/10.10 percent at the start of the session, and the 15.06.2034 bond closed at 11.35/11.42 percent, up from 11.25/11.35 percent. Yields on the 15.03.2028, 15.12.2028, 01.08.2030, 15.12.2032 and 01.11.2033 papers also ended higher.
The move extends the depreciation pattern flagged a day earlier when the selling rate first crossed Rs. 334 at People’s Bank, and pairs with the Central Bank Governor’s May 18 framing of the rupee slide as a regional commodity-import phenomenon rather than a Sri Lanka-specific shock. The CPC oil bill remains the dominant external pressure, the Governor told reporters, with Q1 vehicle imports adding a further drag.
