The rupee and Sri Lankan dollar bonds rose on Tuesday (Mar 7) after President Ranil Wickremesinghe said the government had received new financing assurances from China, paving the way for an International Monetary Board programme approval.
According to Tradeweb data, the country's international bonds rose nearly 3 cents in the dollar to trade just under 40 cents, levels last seen ten months ago.
According to Refinitiv data, the currency rose as much as 7.8 percent to an eleven-month high of 315 to the dollar before trading at 320 by 0820 GMT.
Wickremesinghe stated that the Chinese letter was delivered to the IMF on Tuesday and that he expected the IMF to approve the disbursement of US$2.9 billion in the third or fourth week of this month.
It was unclear what new assistance China provided to Sri Lanka.
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