Call rate, dollar in rising spirit
Thursday, 27 November 2008
FE Report
The lower edge of the inter-bank call money rate rose slightly Wednesday with withdrawal of cash through reverse repurchase agreement. The US dollar also gained against Bangladesh taka (BDT) in the inter-bank foreign exchange market due to strong demand for the greenback, fund managers said.
The call rate in extreme range fluctuated mainly between 7.25 per cent and 12.00 per cent against previous day's range of between 7.00 per cent and 12.00 per cent.
Most deals were, however, transacted at rates varying between 7.00 per cent and 8.00 per cent against previous day's range of 8.00 per cent and 9.00 per cent mainly due to ample liquidity prevailing in the market, they said.
The call rate moved above main trend in stray deals, as some banks and financial institutions borrowed cash at high rates in stray deals from inter-bank market to meet urgent needs of their clients, fund managers said.
The central bank withdrew Tk 5.35 billion on the day through auctions reverse repo at an annual interest rate of 6.75 per cent exerting some pressure on liquidity.
The dollar gained strength against taka in the inter-bank market due to higher demand for the foreign currency. The exchange rate of the greenback stood mainly at Tk 68.80 against previous trading day's range of between Tk Tk 68.77 and Tk 68.80. The supply of the greenback was sufficient to keep the strength of the foreign currency at reasonable level, fund managers said.
The greenback also gained in public deals and the cash dollar was transacted at rates varying between Tk 67.80 and Tk 70.80 against previous trading day's range of between Tk 67.80 and Tk 70.75.
In the informal market, the dollar was mostly steady and it was traded mainly at rates varying between Tk 69.50 and Tk 69.80 against previous day's range of between Tk 69.60 and Tk 69.80. The informal market experienced moderate demand for the foreign currency on the day, money dealers said.
The exchange rate of the Indian rupee against the taka fluctuated between Tk 1.3932 and Tk 1.3960.
The lower edge of the inter-bank call money rate rose slightly Wednesday with withdrawal of cash through reverse repurchase agreement. The US dollar also gained against Bangladesh taka (BDT) in the inter-bank foreign exchange market due to strong demand for the greenback, fund managers said.
The call rate in extreme range fluctuated mainly between 7.25 per cent and 12.00 per cent against previous day's range of between 7.00 per cent and 12.00 per cent.
Most deals were, however, transacted at rates varying between 7.00 per cent and 8.00 per cent against previous day's range of 8.00 per cent and 9.00 per cent mainly due to ample liquidity prevailing in the market, they said.
The call rate moved above main trend in stray deals, as some banks and financial institutions borrowed cash at high rates in stray deals from inter-bank market to meet urgent needs of their clients, fund managers said.
The central bank withdrew Tk 5.35 billion on the day through auctions reverse repo at an annual interest rate of 6.75 per cent exerting some pressure on liquidity.
The dollar gained strength against taka in the inter-bank market due to higher demand for the foreign currency. The exchange rate of the greenback stood mainly at Tk 68.80 against previous trading day's range of between Tk Tk 68.77 and Tk 68.80. The supply of the greenback was sufficient to keep the strength of the foreign currency at reasonable level, fund managers said.
The greenback also gained in public deals and the cash dollar was transacted at rates varying between Tk 67.80 and Tk 70.80 against previous trading day's range of between Tk 67.80 and Tk 70.75.
In the informal market, the dollar was mostly steady and it was traded mainly at rates varying between Tk 69.50 and Tk 69.80 against previous day's range of between Tk 69.60 and Tk 69.80. The informal market experienced moderate demand for the foreign currency on the day, money dealers said.
The exchange rate of the Indian rupee against the taka fluctuated between Tk 1.3932 and Tk 1.3960.