Dollar gains, call rate stable

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FE Report
The US dollar gained ground against the Bangladesh taka (BDT) Wednesday in the inter-bank foreign exchange market due to higher demand for the greenback, fund managers said.
The exchange rate of the dollar against the BDT ranged between Tk 68.64 and Tk 68.66 against the previous day's range of between Tk 68.56 and Tk 68.58 in the inter-bank foreign exchange market.
The inter-bank call money rate marked its steady level on the day despite withdrawal of cash through reverse repurchase agreement (repo), fund managers said.
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 6.60 per cent against the previous day's range of between 6.50 per cent and 6.70 per cent, they said.
The call rate rose above the normal trend with some non-banking financial institutions borrowing cash at high rates from the inter-bank market in to meet immediate demand of their clients, fund managers said.
The call rate remained above the bank rate of 5.00 per cent in all deals reflecting higher than expected pressure on liquidity, fund managers said.