Greenback maintains slightly gaining tone
Sunday, 22 March 2009
Sarwar Zahan
US dollar maintained a slightly gaining tone against Bangladesh taka (BDT) in the inter-bank foreign exchange market last week mainly due to smooth supply of the greenback, fund managers said.
The demand for the greenback remained strong because of high import payment obligations, they said.
The inward remittance and export proceeds sufficiently nourished the supply line, they added.
The exchange rate of dollar mainly varied between Tk 68.98 and Tk 69.05 in the inter-bank market against the previous week's range between Tk 68.96 and Tk 69.04.
The commercial banks avoided cross-currency transactions responding to the instruction of the central bank. They were cautious about making swap deals. The use of swap deals is usually considered a discouraging market behaviour, fund manager sources said.
Dollar, however, was steady in public deals and it was mostly exchanged at rates varying between Tk 67.76 and Tk 70.85 maintaining the previous week's range, funds managers said.
In the informal market, the greenback was mostly steady and it was traded at rates varying between Tk 68.20 and Tk 68.60 maintaining the previous week's range. The brokers bought dollar mainly at rates between Tk 68.20 and Tk 68.30 and sold it between Tk 68.40 and Tk 68.60, money dealers said.
The central bank actively monitored and supervised the activities of the dealer banks regularly for checking unnecessary transactions in dollar to maintain effective management in the foreign exchange market, fund managers said.
The commercial banks encouraged Bangladeshi expatriates offering high exchange rates to transfer their money through the banking channel, said money dealers.
In the regional market, most currencies appeared steady.
The exchange rate of Indian rupee against Bangladesh taka varied between Tk 1.2702 and Tk 1.3512 against the previous week's range between Tk 1.2890 and Tk 1.3737.
The exchange rate of dollar against Indian rupee moved between Rs 50.93 and Rs 53.59 against the previous week's range between Rs 51.31 and Rs 53.83 and Pakistani rupee between Rs 79.80 and Rs 80.75 against the previous week's range between Rs 79.50 and Rs 80.75.
Besides, the exchange rate of dollar against Malaysian ringgit varied between 3.5708 ringgit and 3.7105 ringgit, and that against the Thai currency between 35.27 and Rs 36.45.
In the international market, dollar was traded between 95.6790 yen and 99.9980 yen against the previous week's range between 97.0510 yen and 99.4970 yen. Euro was traded between 1.2908 dollar and 1.3501 dollar against the previous week's range between 1.2577 dollar and 1.2823 dollar.
US dollar maintained a slightly gaining tone against Bangladesh taka (BDT) in the inter-bank foreign exchange market last week mainly due to smooth supply of the greenback, fund managers said.
The demand for the greenback remained strong because of high import payment obligations, they said.
The inward remittance and export proceeds sufficiently nourished the supply line, they added.
The exchange rate of dollar mainly varied between Tk 68.98 and Tk 69.05 in the inter-bank market against the previous week's range between Tk 68.96 and Tk 69.04.
The commercial banks avoided cross-currency transactions responding to the instruction of the central bank. They were cautious about making swap deals. The use of swap deals is usually considered a discouraging market behaviour, fund manager sources said.
Dollar, however, was steady in public deals and it was mostly exchanged at rates varying between Tk 67.76 and Tk 70.85 maintaining the previous week's range, funds managers said.
In the informal market, the greenback was mostly steady and it was traded at rates varying between Tk 68.20 and Tk 68.60 maintaining the previous week's range. The brokers bought dollar mainly at rates between Tk 68.20 and Tk 68.30 and sold it between Tk 68.40 and Tk 68.60, money dealers said.
The central bank actively monitored and supervised the activities of the dealer banks regularly for checking unnecessary transactions in dollar to maintain effective management in the foreign exchange market, fund managers said.
The commercial banks encouraged Bangladeshi expatriates offering high exchange rates to transfer their money through the banking channel, said money dealers.
In the regional market, most currencies appeared steady.
The exchange rate of Indian rupee against Bangladesh taka varied between Tk 1.2702 and Tk 1.3512 against the previous week's range between Tk 1.2890 and Tk 1.3737.
The exchange rate of dollar against Indian rupee moved between Rs 50.93 and Rs 53.59 against the previous week's range between Rs 51.31 and Rs 53.83 and Pakistani rupee between Rs 79.80 and Rs 80.75 against the previous week's range between Rs 79.50 and Rs 80.75.
Besides, the exchange rate of dollar against Malaysian ringgit varied between 3.5708 ringgit and 3.7105 ringgit, and that against the Thai currency between 35.27 and Rs 36.45.
In the international market, dollar was traded between 95.6790 yen and 99.9980 yen against the previous week's range between 97.0510 yen and 99.4970 yen. Euro was traded between 1.2908 dollar and 1.3501 dollar against the previous week's range between 1.2577 dollar and 1.2823 dollar.