Dollar drops, call rate stable

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FE Report
The US dollar dropped against the Bangladesh taka (BDT) Thursday in the inter-bank foreign exchange market with steady demand for the greenback, fund managers said.
The exchange rate of the dollar against the BDT moved between the range of Tk 68.53 and Tk 68.56 falling from previous day's range of between Tk 68.55 and Tk 68.68 in the inter-bank foreign exchange market.
The dollar was, however, steady in public deals and the cash dollar was transacted at rates varying between Tk 67.50 and Tk 69.90 maintaining the previous day's range.
In the informal market, the dollar was also steady and it was traded at rates varying between Tk 71.30 and Tk 71.80 in the informal market against the previous day's range of between Tk 71.40 and Tk 71.80. The informal market experienced moderate demand for the greenback, money dealers said.
The exchange rate of the Indian rupee against the taka varied between Tk 1.56 and Tk 1.71.
In the regional market, the exchange rate of the dollar against the Indian rupee moved between Rs 41.17 and Rs 41.19 and the Pakistani rupee between Rs 60.41 and Rs 60.47.
Besides, the exchange rate of the dollar against the Malaysian ringgit varied between 3.5040 ringgit and 3.5080 ringgit, and that against the Thai currency between 34.34 baht and 34.36 baht.
The inter-bank call money rate was steady on the day in an active market despite higher demand for and withdrawal of cash through reverse repurchase agreement (repo).
The call rate in its extreme range moved between 6.50 per cent and 10.00 per cent repeating the previous day's range.
In most deals, the rates, however, fluctuated between 6.50 per cent and 6.75 per cent against the previous day's range of between 6.50 per cent and 6.70 per cent, they said.
The call rate, however, rose above normal trend in some stray deals with some non-banking financial institutions borrowing cash from the inter-bank market at high rates to meet immediate demands of their clients, fund managers said.
The call rate moved above the bank rate of 5.00 per cent in all deals indicating higher than expected pressure on liquidity, fund managers said.
The central bank withdrew Tk 3.85 billion through reverse repo auction at an interest rate of 6.50 per cent per annum.