The benchmark ‘spot’ remained unchanged at Rs 321.50/321.80 to the US dollar in two way quotes at today’s trading, after previously weakening for five consecutive market days in the immediately preceding market days, market sources who didn’t want to be named told ‘BMD.’
However, the ‘spot’ has sharply gained by between 5.44 per cent to 8.06 per cent (18.50-28.20 rupees) to Rs 321.50/321.80 to the dollar in two way quotes, year on year (YoY) to today, thereby defraying cost-push inflationary pressure, data showed.
Meanwhile, a year ago (Friday 22 April 2022) the ‘sell’/offer rate of the ‘spot’ weakened by 1.45 per cent (five rupees) to Rs 350 to the US dollar, though its ‘buy’ rate remained unchanged at Rs 340, to be trading at Rs 340/350 to the dollar in two way quotes, statistics showed.
In related developments, CBSL weakened the official ‘spot’ for the second consecutive market day to today (Monday 24 April), this time by 0.16 per cent (0.51 rupees) to Rs 321.65 to the dollar. In other developments, a year ago, CBSL, then under the purview of Basil Rajapaksa who was the Finance Minister at that time, strengthened the administered ‘spot’ by 0.06 per cent (Rs 0.20) to Rs 334.80 to the dollar, nonetheless resulting in a steep YoY strengthening of the official ‘spot’ by 3.93 per cent (Rs
13.15) to the dollar.
‘Spot’ trades are settled after two market days from the date of trading. CBSL the steward of Government of Sri Lanka (GoSL) debt and of its foreign reserves deals in the official ‘spot.’ The official ‘spot’ is usually artificially propped up to minimize the cost of GoSL’s foreign debt in rupee terms and also to minimize GoSL’s foreign debt servicing costs in rupee terms.