Call rate, dollar move on steady line
Tuesday, 4 November 2008
FE Report
The inter-bank call money rate remained steady with downward bias Monday and sufficient flow of cash in the market. The US dollar was also stable with upward bias against Bangladesh taka (BDT) in the inter-bank foreign exchange market mainly due to tight liquidity position, fund managers said.
The call rate fluctuated mainly between 6.25 per cent and 11.50 per cent against previous day's range of between 6.50 per cent and 11.50 per cent.
Most deals were, however, made at rates varying between 6.50 per cent and 7.00 per cent against previous day's range of 6.50 per cent and 8.00 per cent that indicated lower pressure on liquidity, they said.
Some banks and financial institutions, however, had to borrow cash at high rates from inter-bank market to meet urgent needs of their clients that influenced the call rate to rise above the main trend in stray deals, fund managers said.
The dollar was steady against taka in the inter-bank market and the exchange rate of the greenback stood at Tk 68.66 against previous trading day's range of between Tk 68.65 and Tk 68.66. The market was active due to trading in the international market after the weekend.
The greenback, however, gained in public deals and the cash dollar was transacted at rates varying between Tk 67.72 and Tk 70.75 against previous trading day's range of between Tk 67.782 and Tk 70.80.
In the informal market, the dollar was steady and it was traded mainly at rates varying between Tk 70.20 and Tk 70.60 against previous day's range of between Tk 70.30 and Tk 70.60. 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 1.4203 and Tk 1.4258.
In the regional market, most currencies weakened. The exchange rate of the dollar against the Indian rupee moved between Rs 48.47 and Rs 48.50 and the Pakistani rupee between Rs 81.00 and Rs 81.50. Besides, the exchange rate of the dollar against the Malaysian ringgit varied between 3.5215 ringgit and 3.5240 ringgit and that against the Thai currency between 34.96 baht and 35.01 baht.
In the international market, the exchange rate of the dollar against the Japanese yen mainly varied between 98.71 yen and 98.74 yen, while the euro moved between 1.2826 dollar and 1.2827 dollar against the greenback.
As on November 03, 2008, the London Inter-bank Offered Rates (LIBOR) against the US dollar were 2.58120 per cent for one month, 3.02620 per cent for three months, 3.12120 per cent for six months, 3.15560 per cent for nine months and 3.17370 per cent for twelve months.
The inter-bank call money rate remained steady with downward bias Monday and sufficient flow of cash in the market. The US dollar was also stable with upward bias against Bangladesh taka (BDT) in the inter-bank foreign exchange market mainly due to tight liquidity position, fund managers said.
The call rate fluctuated mainly between 6.25 per cent and 11.50 per cent against previous day's range of between 6.50 per cent and 11.50 per cent.
Most deals were, however, made at rates varying between 6.50 per cent and 7.00 per cent against previous day's range of 6.50 per cent and 8.00 per cent that indicated lower pressure on liquidity, they said.
Some banks and financial institutions, however, had to borrow cash at high rates from inter-bank market to meet urgent needs of their clients that influenced the call rate to rise above the main trend in stray deals, fund managers said.
The dollar was steady against taka in the inter-bank market and the exchange rate of the greenback stood at Tk 68.66 against previous trading day's range of between Tk 68.65 and Tk 68.66. The market was active due to trading in the international market after the weekend.
The greenback, however, gained in public deals and the cash dollar was transacted at rates varying between Tk 67.72 and Tk 70.75 against previous trading day's range of between Tk 67.782 and Tk 70.80.
In the informal market, the dollar was steady and it was traded mainly at rates varying between Tk 70.20 and Tk 70.60 against previous day's range of between Tk 70.30 and Tk 70.60. 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 1.4203 and Tk 1.4258.
In the regional market, most currencies weakened. The exchange rate of the dollar against the Indian rupee moved between Rs 48.47 and Rs 48.50 and the Pakistani rupee between Rs 81.00 and Rs 81.50. Besides, the exchange rate of the dollar against the Malaysian ringgit varied between 3.5215 ringgit and 3.5240 ringgit and that against the Thai currency between 34.96 baht and 35.01 baht.
In the international market, the exchange rate of the dollar against the Japanese yen mainly varied between 98.71 yen and 98.74 yen, while the euro moved between 1.2826 dollar and 1.2827 dollar against the greenback.
As on November 03, 2008, the London Inter-bank Offered Rates (LIBOR) against the US dollar were 2.58120 per cent for one month, 3.02620 per cent for three months, 3.12120 per cent for six months, 3.15560 per cent for nine months and 3.17370 per cent for twelve months.