Greenback maintains soft tone against BDT
Sunday, 19 April 2009
Sarwar Zahan
US dollar maintained soft tone against Bangladesh taka (BDT) with lower demand for the foreign currency in the inter-bank foreign exchange market, fund managers said.
The buying of dollar by the central bank put some pressure on the liquidity and it enabled the greenback to maintain its strength. The inward remittances and export income adequately nourished the supply line, they said.
The exchange rate of dollar mainly varied between Tk 69.01 and Tk 69.02 in the inter-bank market against the previous week's range between Tk 69.01 and Tk 69.03.
The commercial banks avoided cross-currency transactions complying with the instruction of the central bank. They were active in making swap deals. The use of swap deals is usually considered a discouraging market behaviour, fund managers said.
The average transaction of the greenback stood at around $ 29 million per day against the previous week's daily average at $ 30 million.
Dollar was slightly stronger in public deals and it was mostly exchanged at rates varying between Tk 67.85 and Tk 70.64 against the previous week's range between Tk 67.85 and Tk 70.60, funds managers said.
In the informal market, the greenback remained steady and it was traded at rates varying between Tk 69.10 and Tk 69.60 against the previous week's range between Tk 69.20 and Tk 69.40. The brokers bought dollar mainly at rates between Tk 69.10 and Tk 69.30 and sold it between Tk 69.50 and Tk 68.60, money dealers said.
The central bank intensively monitored and supervised the activities of the dealer banks to check unnecessary transactions in dollar to improve 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 fluctuated.
The exchange rate of Indian rupee against Bangladesh taka varied between Tk 1.3464 and Tk 1.432 against the previous week's range between Tk 1.3147 and Tk 1.4061.
The exchange rate of dollar against Indian rupee moved between Rs 49.60 and Rs 50.64 against the previous week's range between Rs 49.4050 and Rs 51.2850 and Pakistani rupee between Rs 80.0 and Rs 80.90 against the previous week's range between Rs 79.20 and Rs 81.0.
Besides, the exchange rate of dollar against Malaysian ringgit varied between 3.5227 ringgit and 3.6522 ringgit, and that against the Thai currency between 34.9350 baht and Rs 36.1750 baht.
In the international market, dollar was traded between 98.1370 yen and 100.4750 yen against the previous week's range between 95.3050 yen. Euro was traded between 1.3160 dollar and 1.4105 dollar against the previous week's range between 1.3147 dollar and 1.5690 dollar.
US dollar maintained soft tone against Bangladesh taka (BDT) with lower demand for the foreign currency in the inter-bank foreign exchange market, fund managers said.
The buying of dollar by the central bank put some pressure on the liquidity and it enabled the greenback to maintain its strength. The inward remittances and export income adequately nourished the supply line, they said.
The exchange rate of dollar mainly varied between Tk 69.01 and Tk 69.02 in the inter-bank market against the previous week's range between Tk 69.01 and Tk 69.03.
The commercial banks avoided cross-currency transactions complying with the instruction of the central bank. They were active in making swap deals. The use of swap deals is usually considered a discouraging market behaviour, fund managers said.
The average transaction of the greenback stood at around $ 29 million per day against the previous week's daily average at $ 30 million.
Dollar was slightly stronger in public deals and it was mostly exchanged at rates varying between Tk 67.85 and Tk 70.64 against the previous week's range between Tk 67.85 and Tk 70.60, funds managers said.
In the informal market, the greenback remained steady and it was traded at rates varying between Tk 69.10 and Tk 69.60 against the previous week's range between Tk 69.20 and Tk 69.40. The brokers bought dollar mainly at rates between Tk 69.10 and Tk 69.30 and sold it between Tk 69.50 and Tk 68.60, money dealers said.
The central bank intensively monitored and supervised the activities of the dealer banks to check unnecessary transactions in dollar to improve 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 fluctuated.
The exchange rate of Indian rupee against Bangladesh taka varied between Tk 1.3464 and Tk 1.432 against the previous week's range between Tk 1.3147 and Tk 1.4061.
The exchange rate of dollar against Indian rupee moved between Rs 49.60 and Rs 50.64 against the previous week's range between Rs 49.4050 and Rs 51.2850 and Pakistani rupee between Rs 80.0 and Rs 80.90 against the previous week's range between Rs 79.20 and Rs 81.0.
Besides, the exchange rate of dollar against Malaysian ringgit varied between 3.5227 ringgit and 3.6522 ringgit, and that against the Thai currency between 34.9350 baht and Rs 36.1750 baht.
In the international market, dollar was traded between 98.1370 yen and 100.4750 yen against the previous week's range between 95.3050 yen. Euro was traded between 1.3160 dollar and 1.4105 dollar against the previous week's range between 1.3147 dollar and 1.5690 dollar.