Greenback cheaper in kerb market
Monday, 17 March 2008
Siddique Islam
The selling rate of US dollar in the informal (kerb) market was lower by Tk 0.70 Sunday than what was offered by commercial banks.
People willing to dispose of the greenback are again content with the informal traders, who are offering more than what the commercial banks do, market insider said.
Sources, however, said the demand for cash dollar has dropped because of tight vigilance by the authorities concerned, particularly at the airport, although the supply of greenback remained unchanged.
The greenback was being purchased at rates between Tk 68.10 and Tk 68.20 in the informal market Sunday while the selling rates were between Tk 68.70 and Tk 68.80
The commercial banks, however, offered the selling rates between Tk 69.05 and Tk 69.50. The lowest rate offered for buying was at Tk 67.23 on the day, market sources confirmed.
The exchange rate of the greenback, however, remained unchanged at Tk 68.58 in the inter-bank foreign exchange market for more than a month.
"We are closely watching the country's overall foreign exchange market to ensure stability in the market," a senior official of the Bangladesh Bank (BB) told the FE.
He also said the demand of the US dollar in the kerb market has declined due to strong monitoring by different agencies to curb illegal foreign exchange carrying and holding.
Kerb market operators, however, said that the rate of US dollar declined in the local market in line with the existing global trend.
"The rate of US dollar declines when gold prices go up in the global market," a currency trader told the FE, adding that the demand for the greenback is also declining due to its lower attraction in the global market.
The selling rate of US dollar in the informal (kerb) market was lower by Tk 0.70 Sunday than what was offered by commercial banks.
People willing to dispose of the greenback are again content with the informal traders, who are offering more than what the commercial banks do, market insider said.
Sources, however, said the demand for cash dollar has dropped because of tight vigilance by the authorities concerned, particularly at the airport, although the supply of greenback remained unchanged.
The greenback was being purchased at rates between Tk 68.10 and Tk 68.20 in the informal market Sunday while the selling rates were between Tk 68.70 and Tk 68.80
The commercial banks, however, offered the selling rates between Tk 69.05 and Tk 69.50. The lowest rate offered for buying was at Tk 67.23 on the day, market sources confirmed.
The exchange rate of the greenback, however, remained unchanged at Tk 68.58 in the inter-bank foreign exchange market for more than a month.
"We are closely watching the country's overall foreign exchange market to ensure stability in the market," a senior official of the Bangladesh Bank (BB) told the FE.
He also said the demand of the US dollar in the kerb market has declined due to strong monitoring by different agencies to curb illegal foreign exchange carrying and holding.
Kerb market operators, however, said that the rate of US dollar declined in the local market in line with the existing global trend.
"The rate of US dollar declines when gold prices go up in the global market," a currency trader told the FE, adding that the demand for the greenback is also declining due to its lower attraction in the global market.