BC selling rates stable amid bullish inter-bank market

The rate of the US dollar in the inter-bank foreign exchange market has increased significantly in the recent days though no apparent change has been observed at the imports' end, said treasury officials. "Such inter-bank rate will not have any effect on the prices of importable commodities, as the rate of greenback for BC (bills for collection) selling remained almost unchanged," a senior official of the Bangladesh Bank (BB) told the FE. However, the hike in the inter-bank rate of the US dollar has contributed to the narrowing the gap between the BC selling and the inter-bank rates, he added. "The existing exchange rate of the US$BDT will facilitate the country's export as well as encourage the Bangladeshi nationals working abroad to remit their hard earnings," the central bank official added. Bangladesh Taka (BDT) depreciated by 0.72 per cent against the US dollar in the last three days, following an increased demand for the greenback to settle import payments by the commercial banks. The US dollar was quoted at Tk 72.40-Tk 72.50 in the inter-bank foreign exchange market Tuesday against Tk 71.94-Tk 71.98 on March 17, according to the central bank statistics. On the other hand, the rate of the US dollar for BC selling to open letters of credit (LCs) against imports slightly increased during the period under review, the treasury officials added. The rate of the US dollar for BC selling came down to Tk 73.15 Tuesday from Tk 73.17 of the previous working day, according to the Bangladesh Foreign Exchange Dealers Association (BAFEDA) statistics. "The rate of the US dollar for BC selling may decline in the coming weeks due to an increasing trend in supply of the greenback in the market," the BB official noted.