Dhaka, Bangladesh (BBN)– The volume of overall transactions in the call money market increased further on Wednesday ahead of the upcoming Eid festival.
The volume of transactions in the inter-bank call money market rose to BDT 92.68 billion on the day from BDT 80.82 billion of the previous working day, according to the central bank statistics, released on Thursday.
However, the upward trend of inter-bank call rates continued while the exchange rate of local currency against the US dollar remained stable in early hour transactions on Thursday.
The weighted average of call money rate remained unchanged at 4.05 per cent on Wednesday from the previous level, the Bangladesh Bank (BB) data showed.
The call money rate ranged between 2.25 per cent and 4.50 per cent on the day unchanged from the previous level. But most of the deals were settled at rates varying between 3.25 per cent and 4.50 per cent, the market operators said.
“The ongoing upward trend of call money rate may continue today (Thursday),” a senior treasury official of a leading private commercial bank told BBN in Dhaka.
On the other hand, the US dollar was quoted at BDT 80.56-BDT 80.60 unchanged from the previous level in the inter-bank foreign exchange market till the report was filed at 11:58 am (local time).
However, the average exchange rate of US dollar came down to BDT 81.4415 for bill for collection (BC) on Wednesday from BDT 81.4491 of the previous working day, according to the statistics of the Bangladesh Foreign Exchange Dealers Association (BAFEDA).
“The BDT may remain stable in the coming days against the US currency in both the inter-bank forex market and customer level flowing higher inflow of remittance ahead of the Eid festival,” another treasury official explained.
However, the banks quoted at BDT 79.6-BDT 80.2 to the remitters for telegraphic transfer (TT) of their funds while the US dollar quoted at BDT79.3- BDT 80.08 for purchasing export proceeds, according to the BBN early hour monitoring report.