Call rate fluctuates, dollar unchanged

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FE Report
The inter-bank call money rate recorded fluctuations Thursday moving both ways with the lower edge falling and the upper one moving upward in the inter-bank market. The US dollar, however, remained unchanged, fund managers said.
The bottom line of the call rate touched 2.00 per cent mark against that of 3.00 per cent of previous day clearly displaying easing face on the day, they said.
The call rate fluctuated between 2.00 per cent and 11.00 per cent against the previous day's range of between 3.00 per cent and 10.00 per cent in extreme fluctuations. In normal trend, most deals were, however, made at rates varying between 3.00 per cent and 4.50 per cent against previous day's 4.00 per cent and 5.00 per cent, fund managers said.
Some banks and non-banking financial institutions borrowed cash from inter-bank market at high rates that raised the call rate above normal trends in stray deals, fund managers said.
The market experienced sufficient liquidity and also had to meet moderate demand for cash. Besides the central bank refrained from withdrawing cash from the market through reverse repurchase agreement (repo) although banks and financial institutions participated in bids amounting to Tk 2.30 billion.
All these factors together influenced the call rate to maintain mainly an eased trend, they said.
The moderate demand for the US dollar also resulted in lower demand for cash required to make exchanges against foreign currency, the added.
The US dollar was unchanged against Bangladesh taka (BDT) in the inter-bank foreign exchange market, but showed a downward bias in public deals. The inter-bank exchange rate of the greenback stood at Tk 68.58 maintaining previous day's rate, fund managers said.
The dollar in public deals, however, was exchanged at rates varying between Tk 67.25 and Tk 69.50 against previous day's range of between Tk 67.25 and Tk 69.65.
In the informal market, the dollar was steady and it was traded at rates varying between Tk 67.20 and Tk 67.60 against the previous day's range of between Tk 67.30 and Tk 67.60. 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 39.25 and Rs 39.30 and the Pakistani rupee between Rs 62.40 and Rs 62.60. Besides, the exchange rate of the dollar against the Malaysian ringgit varied between 3.2635 ringgit and 3.2665 ringgit, and that against the Thai currency between 33.17 baht and 33.20 baht.
In the international market, the exchange rate of the dollar against the Japanese yen mainly varied between 109.80 yen and 109.83 yen, while the euro moved between 1.4661 yen and 1.4662 dollar against the greenback.