Hong Kong dollar little changed

The Hong Kong dollar was trapped in a narrow range after a soft opening on Thursday, and dealers said the market was very stable even though local banks raised interest rates by a bigger-than-expected 50 basis points.
The local currency was trading at 7.7534/35 per US dollar after moving in a tiny eight-pip range throughout the session, little changed from 7.7531/33 in Wednesday's late Asian trade.
Hong Kong interbank rates were mixed. Short-dated rates were steady, while longer-dated rates edged up a few basis points and took a cue from higher US bond yields.
The overnight rate was quoted at 3.75/3.80 percent after hitting a session low of 3.50 percent. The one-year rate rose to 4.70/4.72 percent from 4.65/4.70 percent late on Wednesday.