Call rate, dollar move on high track
FE Report | Monday, 11 August 2008
The inter-bank call money maintained its high level Sunday despite injection of fresh cash in a market that experienced strong demand for fund. The US dollar was also steady against Bangladesh taka (BDT) in the inter-bank foreign exchange market due to moderate demand for the greenback, fund managers said.
The call rate moved between 7.00 per cent and 20.00 per cent against previous day's range of between 8.00 per cent and 20.00 per cent posing a downward bias.
Most deals were, however, made at rates varying between 8.00 per cent and 12.00 per cent against previous day's range of 8.00 per cent and 14.00 per cent indicating lower pressure on liquidity.
Some banks and financial institutions borrowed cash at high rates in stray deals to meet urgent needs of their clients that raised the call rate above main trend, fund managers said.
The central bank injected fresh cash of Tk 9.505 billion through repurchase agreement (repo) at an annual interest rate of 8.50 per cent that helped easing some pressure on liquidity.
The dollar, however, stayed at high level showing a gaining mood against taka and the exchange rate of the greenback stood at Tk 68.52 against previous trading day's range of Tk 68.51 and Tk 68.52 in the inter-bank market.
The dollar gained in public deals and the cash dollar was transacted at rates varying between Tk 67.42 and Tk 69.80 against previous trading day's range of between Tk 67.42 and Tk 69.63.
In the informal market, the dollar remained almost unchanged and it was mainly traded at rates varying between Tk 69.70 and Tk 70.10 against previous day's range of between 69.80 and Tk 70.10. The informal market experienced steady demand for the foreign currency on the day, money dealers said.
The exchange rate of the Indian rupee against the taka continued to fluctuate between Tk 1.56 and Tk 1.77.
The call rate moved between 7.00 per cent and 20.00 per cent against previous day's range of between 8.00 per cent and 20.00 per cent posing a downward bias.
Most deals were, however, made at rates varying between 8.00 per cent and 12.00 per cent against previous day's range of 8.00 per cent and 14.00 per cent indicating lower pressure on liquidity.
Some banks and financial institutions borrowed cash at high rates in stray deals to meet urgent needs of their clients that raised the call rate above main trend, fund managers said.
The central bank injected fresh cash of Tk 9.505 billion through repurchase agreement (repo) at an annual interest rate of 8.50 per cent that helped easing some pressure on liquidity.
The dollar, however, stayed at high level showing a gaining mood against taka and the exchange rate of the greenback stood at Tk 68.52 against previous trading day's range of Tk 68.51 and Tk 68.52 in the inter-bank market.
The dollar gained in public deals and the cash dollar was transacted at rates varying between Tk 67.42 and Tk 69.80 against previous trading day's range of between Tk 67.42 and Tk 69.63.
In the informal market, the dollar remained almost unchanged and it was mainly traded at rates varying between Tk 69.70 and Tk 70.10 against previous day's range of between 69.80 and Tk 70.10. The informal market experienced steady demand for the foreign currency on the day, money dealers said.
The exchange rate of the Indian rupee against the taka continued to fluctuate between Tk 1.56 and Tk 1.77.