Call rate lower, dollar steady

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FE Report
The inter-bank call money rate dropped further Wednesday although the central bank withdrew cash through reverse repurchase agreement (repo). The US dollar, however, was steady in the inter-bank foreign exchange market, but rose in informal transactions, fund managers said.
The call rate in extreme range fluctuated between 6.00 per cent and 13.00 per cent against previous day's range between 8.00 per cent and 14.00 per cent.
The rate, however, varied between 8.00 per cent and 11.00 per cent in most of the deals against previous day's 8.00 per cent and 12.00 per cent reflecting slight lower pressure on liquidity, they said.
Some commercial banks and financial institutions had to borrow cash at high rates in stray deals to meet urgent requirements of their clients that raised the call rate above normal trend, fund managers said.
The central bank withdrew Tk 2.06 billion at an annual interest rate of 6.50 per cent conducting reverse repo auctions on the day.
The US dollar retained its strength against Bangladesh taka (BDT) in the inter-bank foreign exchange market on moderate demand and the exchange rate of the greenback stood at Tk 68.58 repeating previous day's rate, fund managers said.
The dollar also remained stable in public deals and it fluctuated between Tk 67.23 and Tk 69.55 maintaining previous day's level.
In the informal market, the dollar, however, gained it was traded at rates varying between Tk 67.80 and Tk 68.30 against the previous day's range of between Tk 67.50 and Tk 67.90. The informal market experienced higher 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.