Dollar, call rate retain steady level
Friday, 21 September 2007
FE Report
The US dollar retained its steady level against the Bangladesh taka (BDT) Thursday in the inter-bank foreign exchange market although the demand for the currency was high.
The inter-bank call money rate was also steady in an active market, fund managers said.
The exchange rate of the dollar varied between Tk 68.71 and Tk 70.00 maintaining previous day's range in the inter-bank market.
The greenback remained unchanged in public deals and the cash dollar was exchanged at rates varying between Tk 67.60 and Tk 69.90 following the previous day's range.
The inter-bank call money rate marked steady level despite withdrawal of cash through reverse repurchase agreement (repo) in an active market. The rate in its extreme range fluctuated between 6.50 per cent and 10.00 per cent.
In most deals, the rates varied between 6.50 per cent and 6.65 per cent against the previous day's range of between 6.50 per cent and 6.60 per cent, they said.
Some non-banking financial institutions borrowed cash from the inter-bank market at high rates to meet urgent demands of their clients that resulted in raising the call rate to rise above normal trend in some stray deals, fund managers said.
The call rate was above the bank rate of 5.00 per cent in all deals indicating higher than expected pressure on liquidity, fund managers said.
The central bank withdrew Tk 10.545 billion from the market conducting auctions of revere repo at an interest rate of 6.50 per cent per annum.
The US dollar retained its steady level against the Bangladesh taka (BDT) Thursday in the inter-bank foreign exchange market although the demand for the currency was high.
The inter-bank call money rate was also steady in an active market, fund managers said.
The exchange rate of the dollar varied between Tk 68.71 and Tk 70.00 maintaining previous day's range in the inter-bank market.
The greenback remained unchanged in public deals and the cash dollar was exchanged at rates varying between Tk 67.60 and Tk 69.90 following the previous day's range.
The inter-bank call money rate marked steady level despite withdrawal of cash through reverse repurchase agreement (repo) in an active market. The rate in its extreme range fluctuated between 6.50 per cent and 10.00 per cent.
In most deals, the rates varied between 6.50 per cent and 6.65 per cent against the previous day's range of between 6.50 per cent and 6.60 per cent, they said.
Some non-banking financial institutions borrowed cash from the inter-bank market at high rates to meet urgent demands of their clients that resulted in raising the call rate to rise above normal trend in some stray deals, fund managers said.
The call rate was above the bank rate of 5.00 per cent in all deals indicating higher than expected pressure on liquidity, fund managers said.
The central bank withdrew Tk 10.545 billion from the market conducting auctions of revere repo at an interest rate of 6.50 per cent per annum.