Greeenback soft against BDT
Sunday, 10 June 2007
Sarwar Zahan
US dollar appeared soft against the Bangladesh taka (BDT) last week although the demand for the greenback was higher. The exchange rate of the greenback ranged between Tk 68.98 and Tk 69.06 against the previous week's range between Tk 69.00 and Tk 69.16 in the interbank foreign exchange market, fund manager sources said.
The demand for the greenback increased due to lower import payments. The inflow of inward remittance and export proceeds helped maintain steady supply of the foreign currency, they said.
Dollar, however, remained stable in public deals as well as in the local informal market. Cash dollar in public deals was exchanged at rates between Tk 67.10 and Tk 69.90 maintaining the previous week's range, fund managers said.
The greenback was traded at rates between Tk 70.50 and Tk 70.90 in the local informal market against the previous week's range between Tk 69.50 and Tk 70.80. The brokers used to buy dollar mainly at rates between Tk 70.50 and Tk 70.60 and sold it between Tk 70.70 and 70.80, money dealers said.
The dealer banks remained active in making swap deals against customer requirements to fund their import payment obligations instantly. The use of swap deals was taken as a negative market behaviour, they added.
The total spot transactions in greenback during the week stood at around 90 million dollars against the previous week's about 51 million dollars in all sessions. The supply of the greenback was sufficient to meet the demand in the market, they added.
The central bank maintained regular monitoring and supervision on the activities of dealer banks for ensuring discipline in the foreign exchange market. This helped check unnecessary transactions in dollar by the dealer banks, sources said.
The central bank held regular auctions of the reverse repurchase agreement (repo) withdrawing cash from the market to keep the call money rate at a reasonable level and discourage excess buying of dollar, they said.
The commercial banks offered high exchange rates to Bangladeshi expatriates for encouraging them to send their money through the banking channel, fund managers said.
In the regional market, most of the currencies were steady against dollar. The exchange rate of Indian rupee against taka ranged between Tk 1.56 and Tk 1.71. The exchange rate of dollar against Indian rupee varied between Rs 40.47 and Rs 40.68. Pakistani rupee ranged between Rs 60.59 and Rs 60.84.
The exchange rate of dollar against Malaysian ringgit varied between 3.3950 ringgit and 3.4370 ringgit and against Thai baht between 34.46 bahts and 34.62 bahts.
In the international market, dollar was traded between 121.17 yen and 121.93 yen against the previous week's range between 121.54 yen and 121.71 yen. Euro was traded between 1.3468 dollar and 1.3532 dollar against the previous week's range between 1.3425 dollar and 1.3512 dollar.
US dollar appeared soft against the Bangladesh taka (BDT) last week although the demand for the greenback was higher. The exchange rate of the greenback ranged between Tk 68.98 and Tk 69.06 against the previous week's range between Tk 69.00 and Tk 69.16 in the interbank foreign exchange market, fund manager sources said.
The demand for the greenback increased due to lower import payments. The inflow of inward remittance and export proceeds helped maintain steady supply of the foreign currency, they said.
Dollar, however, remained stable in public deals as well as in the local informal market. Cash dollar in public deals was exchanged at rates between Tk 67.10 and Tk 69.90 maintaining the previous week's range, fund managers said.
The greenback was traded at rates between Tk 70.50 and Tk 70.90 in the local informal market against the previous week's range between Tk 69.50 and Tk 70.80. The brokers used to buy dollar mainly at rates between Tk 70.50 and Tk 70.60 and sold it between Tk 70.70 and 70.80, money dealers said.
The dealer banks remained active in making swap deals against customer requirements to fund their import payment obligations instantly. The use of swap deals was taken as a negative market behaviour, they added.
The total spot transactions in greenback during the week stood at around 90 million dollars against the previous week's about 51 million dollars in all sessions. The supply of the greenback was sufficient to meet the demand in the market, they added.
The central bank maintained regular monitoring and supervision on the activities of dealer banks for ensuring discipline in the foreign exchange market. This helped check unnecessary transactions in dollar by the dealer banks, sources said.
The central bank held regular auctions of the reverse repurchase agreement (repo) withdrawing cash from the market to keep the call money rate at a reasonable level and discourage excess buying of dollar, they said.
The commercial banks offered high exchange rates to Bangladeshi expatriates for encouraging them to send their money through the banking channel, fund managers said.
In the regional market, most of the currencies were steady against dollar. The exchange rate of Indian rupee against taka ranged between Tk 1.56 and Tk 1.71. The exchange rate of dollar against Indian rupee varied between Rs 40.47 and Rs 40.68. Pakistani rupee ranged between Rs 60.59 and Rs 60.84.
The exchange rate of dollar against Malaysian ringgit varied between 3.3950 ringgit and 3.4370 ringgit and against Thai baht between 34.46 bahts and 34.62 bahts.
In the international market, dollar was traded between 121.17 yen and 121.93 yen against the previous week's range between 121.54 yen and 121.71 yen. Euro was traded between 1.3468 dollar and 1.3532 dollar against the previous week's range between 1.3425 dollar and 1.3512 dollar.