Call rate drops, dollar steady

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FE Report
The inter-bank call money rate dropped Thursday due to inflow of cash withdrawn in the pre-Eid days with the call rate rising to day's high at 12.00 per cent against the previous day's peak of 15.50 per cent, fund managers said.
The US dollar, however, remained steady against the Bangladesh taka (BDT) on the day with its lower edge at Tk 68.52 against that of previous day's Tk 68.53.
The call rate in its extreme range moved between 6.60 per cent and 12.00 per cent against previous day's range of between 8.00 and 15.50 per cent, fund managers said.
In most deals, the rates, however, moved between 7.00 and 9.00 per cent against previous day's range of between 10.00 per cent and 12.00 in the inter-bank market, they added.
The central bank refrained from injecting fresh cash into the market considering the improving trend of liquidity. The market also experienced lower pressure on demand for cash, fund managers said.
The call rate moved at moderately high level due to borrowing of cash by some banks and non-banking financial institutions from the inter-bank market to meet immediate demand of their clients, they added.
The US dollar was mostly steady against the taka on the day in the inter-bank foreign exchange market because of limited transactions, fund managers said.
The exchange rate of the dollar varied between Tk 68.52 and Tk 68.58 against the previous day's range of between Tk 68.53 and Tk 68.58 in the inter-bank foreign exchange market.
The greenback was, however, weakened in public deals and the cash dollar was exchanged at rates varying between Tk 67.42 and Tk 69.75 against previous day's range of between Tk 67.58 and Tk 69.75.
In the informal market, the dollar was also steady and it was traded at rates varying between Tk 68.10 and Tk 68.50 against the previous day's range of between Tk 68.20 and Tk 68.50. The informal market experienced moderate demand for the dollar on the day, money dealers said.
The exchange rate of the Indian rupee against the taka fluctuated between Tk 1.56 and Tk 1.77.
In the regional market, the exchange rate of the dollar against the Indian rupee moved between Rs 39.20 and Rs 39.24 and the Pakistani rupee between Rs 61.30 and Rs 61.50. Besides, the exchange rate of the dollar against the Malaysian ringgit varied between 3.3405 ringgit and 3.3425 ringgit, and that against the Thai currency between 33.79 baht and 33.83 baht.
In the international market, the exchange rate of the dollar against the Japanese yen mainly varied between 114.56 yen and 114.59 yen, while the euro moved between 1.4510 dollar and 1.4511 dollar against the greenback.
As on December 27, the London Inter-bank Offered Rates (LIBOR) against the US dollar were 4.85500 per cent for one month, 4.84250 per cent for three months, 4.71750 per cent for six months and 4.34380 per cent for twelve months.