Taka appreciates by 0.12pc against US dollar

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Bangladesh Taka has appreciated by 0.12 per cent against the US dollar during the last one week following increase in the supply of greenback in the market, officials said.

The appreciation emerged after seven months as pressure on import payment bills eased along with intervention by the central bank in the foreign exchange market.

"The demand of US dollar has slightly declined due to lower import payments pressure in recent days," a senior official of the Bangladesh Bank (BB) told the FE Tuesday.

He also said the import of food grains has dropped due to seasonal impact that has contributed to ease the overall import payments situation.

The official, however, said the existing trend of dollar-taka conversion rates may continue in the near future.

Besides, increasing trend of inward remittances from Bangladeshis working abroad and steady export performances have contributed to the rise in the supply of greenback in the inter-bank foreign exchange market, they observed.

The US dollar was quoted at Tk 68.50-Tk 68.53 in the inter-bank foreign exchange market on the day against Tk 68.58 in one week back, market operator said.

The country received $7.163 billion during the July-May period of the fiscal 2007-08, registering a 31.14 marking a 31.14 per cent growth over the same period of the last fiscal, according to the central bank statistics.