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BD taka closes flat against dollar

DHAKA: The Bangladesh taka closed unchanged against the dollar in interbank trade on Monday, dealers said.

"The taka was steady and traded at around previous levels. There was some demand for the dollar because of profit remittances by foreign airlines," said one dealer with a foreign bank. He said there were fewer import-related demands in the market.

The taka was quoted at 58.46/58.48 per dollar, unchanged from Sunday levels, a working day in Muslim Bangladesh.

Dealers, however, said most deals were done at 58.4750 taka per dollar level.

One dealer with a large public sector bank said his bank sold $6 million through several deals mostly at 58.4750 taka rate.

Dealers said public banks quoted the taka at 58.47/58.48 taka per dollar, while private and foreign banks made deals at 58.46/58.48 taka levels.

Fund managers said call money rates were quoted between 7.0 percent and 8.75 percent, against 8.0-9.0 percent previously.

Dealers said the call rates were expected to weaken in coming sessions due to more liquidity in the money market.

The central Bangladesh Bank rejected one-day repo bids on Monday for 1.25 billion taka ($21.6 million). Five bids were offered for the amount at an interest rate of 8.1 percent.

On Saturday, the central bank accepted two-day repo bids worth 584 million taka ($10 million) at interest rates between 8.2 percent and 8.25 percent.

There was no repo bidding on Sunday when the central bank held an auction for treasury bills worth eight billion taka.

"But at the same time, an amount of 8.25 billion taka will flow back to the market due to the maturity of t-bills auctioned earlier," said one official.-Reuters