Dollar loses ground, call rate steady

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FE Report
The US dollar slightly lost ground against the Bangladesh taka (BDT) Monday in the inter-bank foreign exchange market with stable demand for the greenback, fund managers said.
The market was active due to trading in the international market.
The exchange rate of the dollar against the BDT varied between Tk 68.65 and Tk 68.70 against the previous day's range of between Tk 68.67 and Tk 68.71 in the inter-bank foreign exchange market.
The major transactions were made at the rates varying between Tk 68.65 and Tk 68.67 against previous day's range of between Tk 68.67 and Tk 68.70 in the inter-bank market, they said.
The dollar also dropped in public deals. The cash dollar was transacted at rates fluctuating between Tk 66.90 and Tk 69.90 against the previous day's range of between Tk 66.95 and Tk 69.90.
In the informal market, the dollar remained almost unchanged and it was traded at rates varying between Tk 70.80 and Tk 71.00 in the informal market against the previous day's range of between Tk 70.70 and Tk 71.00. The demand for the greenback was lower in the informal market, 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 rates of the dollar against the Indian rupee moved between Rs 40.42 and Rs 40.43 and the Pakistani rupee between Rs 60.37 and Rs 60.39.
Besides, the exchange rate of the dollar against the Malaysian ringgit varied between 3.4390 ringgit and 3.4420 ringgit, and that against the Thai currency between 33.89 baht and 33.92 baht.
As on July 09, the London Inter-bank Offered Rates (LIBOR) against the US dollar were 5.32000 per cent for one month, 5.36000 per cent for three months, 5.39060 per cent for six months, 5.42000 per cent for nine-months and 5.44810 per cent for twelve months.
The inter-bank call money rate remained unchanged on the day despite withdrawal of large amount of cash through reverse repurchase agreement (repo), fund managers said.
The rate moved between 6.50 per cent and 10.00 per cent repeating the previous day's range.
The rates, however, fluctuated between 6.50 per cent and 6.60 per cent in most deals against the previous day's range of between 6.50 per cent and 6.70 per cent, they said.
The call rate as usual fluctuated above the bank rate of 5.00 per cent.
Some non-banking financial institutions borrowed cash at high rates from the inter-bank market to meet immediate demands of the clients influencing the call rate to move above the normal trend, fund managers said.
The central bank withdrew Tk 25.47 billion conducting reverse repo auctions at an interest rate of 6.50 per cent per annum.