(Bloomberg) — Sri Lanka’s rupee is trading steady after the Election Commission announced that it would conduct voting for the island’s presidential election on Nov. 16.
* USD/LKR little changed at 180.82 ; pair rose 0.2% on Wednesday.
* “Domestic investors will take the news positively as they are expecting overall economic activity to pick up with the election,” says Dimantha Mathew, head of research at First
Capital in Colombo
* NOTE: 2Q GDP growth slowed to 1.6%, from 3.7% in the previous three months, the statistics department said Wednesday
* Borrowing costs were higher at an auction of 8.5b rupees ($47 million) of treasury bills Wednesday
* Yield on Sri Lanka’s 10.25% bonds due June 2024 rose 2bps to 10.32% on Wednesday
* Overseas investors sold a net $1.1m of local stocks Wednesday, taking withdrawals this year to $13.1m: exchange data