Dhaka, Bangladesh (BBN)– The volume of overall transactions in the call money market increased by 5.39 per cent on Monday ahead of the upcoming Eid festival.
The volume of transactions in the inter-bank call money market rose to BDT 76.79 billion on Monday from BDT 72.86 billion of the previous working day, according to the central bank statistics, released on Tuesday.
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 Tuesday.
The weighted average of call money rate rose to 4.05 per cent on Monday from 3.97 per cent of the previous working day, the Bangladesh Bank (BB) data showed.
The call money rate ranged between 2.25 per cent and 4.50 per cent on Monday against 2.00-4.50 per cent of the previous day. 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 (Tuesday),” a senior treasury official of a leading private commercial bank hinted.
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 11:20 am (local time).
However, the average exchange rate of US dollar came down to BDT 81.3409 for bill for collection (BC) on Monday from BDT 81.4453 of the previous working day, according to the statistics of the Bangladesh Foreign Exchange Dealers Association (BAFEDA).
“The local currency 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.