Call rate rises, dollar steady at high
Friday, 21 November 2008
FE Report
The inter-bank call money rate posted nominal gain Thursday despite withdrawal of cash through reverse repurchase agreement. The US dollar, however, remained steady against Bangladesh taka (BDT) in the inter-bank foreign exchange market due to modest supply of the greenback, fund managers said.
The call rate in extreme range fluctuated mainly between 6.25 per cent and 12.00 per cent against previous day's range of between 6.50 per cent and 11.50 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 6.50 per cent and 9.00 per cent indicating lower demand pressure, they said.
The call rate, however, moved above the main trend in stray deals, as some banks and financial institutions borrowed cash at high rates from inter-bank market to meet urgent needs of their clients, fund managers said.
The central bank withdrew Tk 5.86 billion through reverse repo auctions at an annual interest rate of 6.75 per cent putting negligible pressure on liquidity.
The dollar maintained a stable nerve against taka in the inter-bank market and the exchange rate of the greenback stood at 68.75 that was a repeat of previous trading day's rate.
The greenback, however, slightly lost ground in public deals and the cash dollar was transacted at rates varying between Tk 67.67 and Tk 70.85 against previous trading day's range of between Tk 67.75 and Tk 70.85.
In the informal market, the dollar was mostly steady and it was traded mainly at rates varying between Tk 70.00 and Tk 70.20 against previous day's range of between Tk 70.00 and Tk 70.30. 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 1.3791 and Tk 1.3830.
In the regional market, most currencies were steady. The exchange rate of the dollar against the Indian rupee moved between Rs 49.92 and Rs 49.97 and the Pakistani rupee between Rs 79.50 and Rs 80.00. Besides, the exchange rate of the dollar against the Malaysian ringgit varied between 3.6235 ringgit and 3.6260 ringgit and that against the Thai currency between 35.15 baht and 35.23 baht.
In the international market, the exchange rate of the dollar against the Japanese yen mainly varied between 95.55 yen and 95.58 yen, while the euro moved between 1.2532 dollar and 1.2533 dollar against the greenback.
As on November 20, 2008, the London Inter-bank Offered Rates (LIBOR) against the US dollar were 1.41370 per cent for one month, 2.17250 per cent for three months, 2.58370 per cent for six months, 2.65750 per cent for nine months and 2.75500 per cent for twelve months.
The inter-bank call money rate posted nominal gain Thursday despite withdrawal of cash through reverse repurchase agreement. The US dollar, however, remained steady against Bangladesh taka (BDT) in the inter-bank foreign exchange market due to modest supply of the greenback, fund managers said.
The call rate in extreme range fluctuated mainly between 6.25 per cent and 12.00 per cent against previous day's range of between 6.50 per cent and 11.50 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 6.50 per cent and 9.00 per cent indicating lower demand pressure, they said.
The call rate, however, moved above the main trend in stray deals, as some banks and financial institutions borrowed cash at high rates from inter-bank market to meet urgent needs of their clients, fund managers said.
The central bank withdrew Tk 5.86 billion through reverse repo auctions at an annual interest rate of 6.75 per cent putting negligible pressure on liquidity.
The dollar maintained a stable nerve against taka in the inter-bank market and the exchange rate of the greenback stood at 68.75 that was a repeat of previous trading day's rate.
The greenback, however, slightly lost ground in public deals and the cash dollar was transacted at rates varying between Tk 67.67 and Tk 70.85 against previous trading day's range of between Tk 67.75 and Tk 70.85.
In the informal market, the dollar was mostly steady and it was traded mainly at rates varying between Tk 70.00 and Tk 70.20 against previous day's range of between Tk 70.00 and Tk 70.30. 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 1.3791 and Tk 1.3830.
In the regional market, most currencies were steady. The exchange rate of the dollar against the Indian rupee moved between Rs 49.92 and Rs 49.97 and the Pakistani rupee between Rs 79.50 and Rs 80.00. Besides, the exchange rate of the dollar against the Malaysian ringgit varied between 3.6235 ringgit and 3.6260 ringgit and that against the Thai currency between 35.15 baht and 35.23 baht.
In the international market, the exchange rate of the dollar against the Japanese yen mainly varied between 95.55 yen and 95.58 yen, while the euro moved between 1.2532 dollar and 1.2533 dollar against the greenback.
As on November 20, 2008, the London Inter-bank Offered Rates (LIBOR) against the US dollar were 1.41370 per cent for one month, 2.17250 per cent for three months, 2.58370 per cent for six months, 2.65750 per cent for nine months and 2.75500 per cent for twelve months.