The call money rate remained unchanged throughout the week and ranged between 6.25 and 6.75 percent.
International FX Market
The dollar recovered from an earlier 20 month low against a basket of currencies on Monday as investors locked in profits after shaving more than 3 percent off its value in less than two weeks. The dollar has been under pressure as a run of weak US data has boosted expectations the Federal Reserve might cut interest rates next year. On Friday, the institute for supply Management's survey of US national manufacturing in November showed a contraction in the factory sector for the first time in 3-1/2 year. In contrast, expectations for a European Central bank rate hike this week and perhaps again in early 2007 have boosted the euro, sending it to within three cents of its record high versus the dollar and to a record peak against the yen on Monday.

By the end of the week, the euro rose towards a recent 20-month peak against the dollar on Thursday as investors expected the European Central Bank to raise interest rates later and awaited signals on whether it will tighten further in 2007. The dollar was under pressure as China's central bank warned of the dollar's downside and ahead of a closely-watched US jobs report on Friday. The yen was broadly firm following recent hawkish comments from bank of Japan policymakers. Some expect the ECB to raise rates further after an expected hike today to 3.5 percent, although a recent surge in the euro makes it less clear what message ECB President Jean-Claude Trichet will send about rates at his news conference later. The euro was steady at 153.01 yen, consolidating this week's gains to an all-time high of 154.17. The yen was up around 0.3 percent against dollar, close to this week's four-month peak.

-Standard Chartered Bank