Call rate rises, dollar stays steady
Monday, 15 September 2008
FE Report
The inter-bank call money rate gained ground Sunday due to pressure on liquidity with withdrawal of cash through treasury bills. The US dollar, however, remained unchanged against Bangladesh taka (BDT) in the inter-bank foreign exchange market because of modest demand for the greenback, fund managers said.
The call rate moved between 7.00 per cent and 12.00 per cent against previous day's range of between 6.50 per cent and 12.00 per cent.
Most deals were made at rates varying between 7.50 per cent and 8.50 per cent against previous day's range of 7.00 per cent and 8.50 per cent indicating higher pressure on liquidity.
Some banks and financial institutions, however, borrowed cash from the inter-bank market at high rates to meet urgent needs of their clients in stray deals. It raised the call rate above normal level, fund managers said.
The central bank injected fresh cash of Tk 14.565 billion at an annual interest rate of 8.50 per cent Thursday that created a staggered impact on liquidity easing pressure.
The dollar maintained its stable face against taka and the exchange rate of the greenback stood at Tk 68.52 coinciding with previous trading day's range in the inter-bank market.
The market was moderately active due to weekend in the international market.
The dollar was also steady in public deals and the cash dollar was transacted at rates varying between Tk 67.35 and Tk 69.80 maintaining previous trading day's range.
In the informal market, the dollar was mostly steady with an upward bias and it was mainly traded at rates varying between Tk 70.00 and Tk 70.35 against previous day's range of between 70.00 and Tk 70.30.
The exchange rate of the Indian rupee against the taka continued to fluctuate between Tk 1.56 and Tk 1.77.
In the regional market, most currencies were steady. The exchange rate of the dollar against the Indian rupee moved between Rs 45.71 and Rs 45.72 and the Pakistani rupee between Rs 76.37 and Rs 76.75.As on September 14, 2008, the London Inter-bank Offered Rates (LIBOR) against the US dollar were 2.48810 per cent for one month, 2.81880 per cent for three months, 3.08940 per cent for six months, 3.10310 per cent for nine months and 3.12750 per cent for twelve months.
The inter-bank call money rate gained ground Sunday due to pressure on liquidity with withdrawal of cash through treasury bills. The US dollar, however, remained unchanged against Bangladesh taka (BDT) in the inter-bank foreign exchange market because of modest demand for the greenback, fund managers said.
The call rate moved between 7.00 per cent and 12.00 per cent against previous day's range of between 6.50 per cent and 12.00 per cent.
Most deals were made at rates varying between 7.50 per cent and 8.50 per cent against previous day's range of 7.00 per cent and 8.50 per cent indicating higher pressure on liquidity.
Some banks and financial institutions, however, borrowed cash from the inter-bank market at high rates to meet urgent needs of their clients in stray deals. It raised the call rate above normal level, fund managers said.
The central bank injected fresh cash of Tk 14.565 billion at an annual interest rate of 8.50 per cent Thursday that created a staggered impact on liquidity easing pressure.
The dollar maintained its stable face against taka and the exchange rate of the greenback stood at Tk 68.52 coinciding with previous trading day's range in the inter-bank market.
The market was moderately active due to weekend in the international market.
The dollar was also steady in public deals and the cash dollar was transacted at rates varying between Tk 67.35 and Tk 69.80 maintaining previous trading day's range.
In the informal market, the dollar was mostly steady with an upward bias and it was mainly traded at rates varying between Tk 70.00 and Tk 70.35 against previous day's range of between 70.00 and Tk 70.30.
The exchange rate of the Indian rupee against the taka continued to fluctuate between Tk 1.56 and Tk 1.77.
In the regional market, most currencies were steady. The exchange rate of the dollar against the Indian rupee moved between Rs 45.71 and Rs 45.72 and the Pakistani rupee between Rs 76.37 and Rs 76.75.As on September 14, 2008, the London Inter-bank Offered Rates (LIBOR) against the US dollar were 2.48810 per cent for one month, 2.81880 per cent for three months, 3.08940 per cent for six months, 3.10310 per cent for nine months and 3.12750 per cent for twelve months.