Call rate raises ground, dollar unchanged

FE Report brThe inter-bank call money rate gained ground Monday in an active market due to increased pressure on liquidity. The US dollar, on the other hand, remained stable against Bangladesh taka (BDT) in the inter-bank foreign exchange market because of moderate demand for the greenback, fund managers said.brThe call rate moved between 6.25 per cent and 12.00 per cent against previous day's range of between 4.00 per cent and 12.00 per cent.brMost deals were made at rates varying between 6.50 per cent and 8.00 per cent against previous day's range of 6.00 per cent and 7.50 per cent reflecting higher pressure on liquidity.brSome banks and financial institutions resorted to overnight borrowing cash at high rates to meet urgent needs of their clients. It raised the call rate above normal level in stray deals, fund managers said.brThe central bank injected fresh cash of Tk 4.03 billion through repurchase agreement (repo) auctions Sunday at an annual interest rate of 8.50 per cent. It put some favourable impact on liquidity preventing further rise in call rate, they said.brThe dollar remained unchanged against taka and the exchange rate of the greenback stood at Tk 68.52 repeating previous trading day's range in the inter-bank market.brThe dollar, however, slightly gained in public deals and the cash dollar was transacted at rates varying between Tk 67.49 and Tk 70.00 against previous trading day's range of between Tk 67.42 and Tk 70.00.brIn the informal market, the dollar was mostly steady and it was mainly traded at rates varying between Tk 69.90 and Tk 70.20 against previous day's range of between 70.00 and Tk 70.20. The informal market experienced steady demand for the foreign currency on the day, money dealers said.brThe exchange rate of the Indian rupee against the taka continued to fluctuate between Tk 1.56 and Tk 1.77.brIn the regional market, most currencies were steady. The exchange rate of the dollar against the Indian rupee moved between Rs 43.16 and Rs 43.19 and the Pakistani rupee between Rs 76.70 and Rs 77.10. Besides, the exchange rate of the dollar against the Malaysian ringgit varied between 3.4140 ringgit and 3.4165 ringgit and that against the Thai currency between 34.30 baht and 34.33 baht.brIn the international market, the exchange rate of the dollar against the Japanese yen mainly varied between 107.82 yen and 107.84 yen, while the euro moved between 1.4627 dollar and 1.4628 dollar against the greenback.brAs on September 01, 2008, the London Inter-bank Offered Rates (LIBOR) against the US dollar were 2.48560 per cent for one month, 2.81060 per cent for three months, 3.11750 per cent for six months, 3.15560 per cent for nine months and 3.20680 per cent for twelve months.brbrbrbr