Call rate unchanged, greenback gains
Tuesday, 25 November 2008
FE Report
The inter-bank call money rate remained unchanged Monday despite withdrawal of cash through reverse repurchase agreement (repo). The US dollar, however, posted slight gain against Bangladesh taka (BDT) in the inter-bank foreign exchange market due to increased demand for the greenback, fund managers said.
The call rate in extreme range fluctuated mainly between 6.0 per cent and 12.0 per cent maintaining previous day's range.
Most deals were, however, transacted at rates varying between 7.50 per cent and 8.75 per cent against previous day's range of 7.50 per cent and 8.50 per cent reflecting almost steady pressure on liquidity, they said.
Some banks and financial institutions, however, borrowed cash at high rates from inter-bank market to meet urgent needs of their clients. It raised the call rate above the main trend in stray deals, fund managers said.
The central bank withdrew Tk 6.0 billion on the day through auctions reverse repo at an annual interest rate of 6.75 per cent putting negligible pressure on liquidity.
The dollar gained slightly against taka in the inter-bank market and the exchange rate of the greenback ranged between Tk 68.75 and Tk 68.77 against previous trading day's rate of Tk 68.75.
The greenback, however, weakened in public deals and the cash dollar was transacted at rates varying between Tk 67.80 and Tk 70.75 against previous trading day's range of between Tk 67.80 and Tk 70.85.
In the informal market, the dollar also fell and it was traded mainly at rates varying between Tk 69.50 and Tk 69.80 against previous day's range of between Tk 70.00 and Tk 70.30. The informal market experienced lower demand for the foreign currency on the day, money dealers said.
The exchange rate of the Indian rupee against the taka fluctuated between Tk 1.3719 and Tk 1.3747.
In the regional market, most currencies were steady. The exchange rate of the dollar against the Indian rupee moved between Rs 49.71 and Rs 49.72 and the Pakistani rupee between Rs 79.25 and Rs 80.00. Besides, the exchange rate of the dollar against the Malaysian ringgit varied between 3.6125 ringgit and 3.6150 ringgit and that against the Thai currency between 35.28 baht and 35.33 baht.
In the international market, the exchange rate of the dollar against the Japanese yen mainly varied between 95.93 yen and 95.96 yen, while the euro moved between 1.2782 dollar and 1.2783 dollar against the greenback.
As on November 24, 2008, the London Inter-bank Offered Rates (LIBO0R) against the US dollar were 1.39500 per cent for one month, 2.15750 per cent for three months, 2.56880 per cent for six months and 2.73630 per cent for twelve months.
The inter-bank call money rate remained unchanged Monday despite withdrawal of cash through reverse repurchase agreement (repo). The US dollar, however, posted slight gain against Bangladesh taka (BDT) in the inter-bank foreign exchange market due to increased demand for the greenback, fund managers said.
The call rate in extreme range fluctuated mainly between 6.0 per cent and 12.0 per cent maintaining previous day's range.
Most deals were, however, transacted at rates varying between 7.50 per cent and 8.75 per cent against previous day's range of 7.50 per cent and 8.50 per cent reflecting almost steady pressure on liquidity, they said.
Some banks and financial institutions, however, borrowed cash at high rates from inter-bank market to meet urgent needs of their clients. It raised the call rate above the main trend in stray deals, fund managers said.
The central bank withdrew Tk 6.0 billion on the day through auctions reverse repo at an annual interest rate of 6.75 per cent putting negligible pressure on liquidity.
The dollar gained slightly against taka in the inter-bank market and the exchange rate of the greenback ranged between Tk 68.75 and Tk 68.77 against previous trading day's rate of Tk 68.75.
The greenback, however, weakened in public deals and the cash dollar was transacted at rates varying between Tk 67.80 and Tk 70.75 against previous trading day's range of between Tk 67.80 and Tk 70.85.
In the informal market, the dollar also fell and it was traded mainly at rates varying between Tk 69.50 and Tk 69.80 against previous day's range of between Tk 70.00 and Tk 70.30. The informal market experienced lower demand for the foreign currency on the day, money dealers said.
The exchange rate of the Indian rupee against the taka fluctuated between Tk 1.3719 and Tk 1.3747.
In the regional market, most currencies were steady. The exchange rate of the dollar against the Indian rupee moved between Rs 49.71 and Rs 49.72 and the Pakistani rupee between Rs 79.25 and Rs 80.00. Besides, the exchange rate of the dollar against the Malaysian ringgit varied between 3.6125 ringgit and 3.6150 ringgit and that against the Thai currency between 35.28 baht and 35.33 baht.
In the international market, the exchange rate of the dollar against the Japanese yen mainly varied between 95.93 yen and 95.96 yen, while the euro moved between 1.2782 dollar and 1.2783 dollar against the greenback.
As on November 24, 2008, the London Inter-bank Offered Rates (LIBO0R) against the US dollar were 1.39500 per cent for one month, 2.15750 per cent for three months, 2.56880 per cent for six months and 2.73630 per cent for twelve months.