Greenback mostly steady against BDT
Sunday, 17 May 2009
Sarwar Zahan
US dollar was mostly steady against Bangladesh taka (BDT) in the inter-bank foreign exchange market last week due to sufficient flow of the greenback, fund managers said.
The demand for the greenback marked slight rise because of higher import payment obligations. The supply line was nourished with inward remittances and export incomes. The higher demand was balanced with equally high supply of the greenback, they said.
The exchange rate of the dollar mainly varied between Tk 69.02 and Tk 69.035 in the inter-bank market against previous week's range of between Tk 69.02 and Tk 69.03.
The commercial banks avoided cross-currency transactions responding to the instruction of the central bank. They were cautious of making swap deals. The use of swap deals is usually considered as a discouraging market behaviour, fund manager sources said.
The average transaction of the greenback stood at around $ 24 million per day against that of previous week's daily average of $ 18 million.
Dollar remained unchanged in public deals and it was mostly exchanged at rates varying between Tk 67.85 and Tk 70.05 maintaining previous week's range, funds managers said.
In the informal market, the greenback fell and it was traded at rates varying between Tk 69.20 and Tk 69.50 against the previous week's range of between Tk 69.40 and Tk 69.70. The brokers bought dollar mainly at rates between Tk 69.20 and Tk 69.30 and sold it between Tk 69.40 and Tk 68.50, money dealers said.
The central bank conducted regular monitoring and supervision of the activities performed by the dealer banks for checking unnecessary transactions in dollar to ensure better management in the foreign exchange market, fund managers said.
The commercial banks encouraged Bangladeshi expatriates by offering high exchange rates to transfer their money through the banking channel, said money dealers.
Most banks took interest in holding the foreign currency in their reserves to meet future demands against import payments. They are predicting higher import obligations ahead of the end of current fiscal year
In the regional market, most currencies encountered fluctuations in the week.
The exchange rate of Indian rupee against Bangladesh taka varied between Tk 1.3515 and Tk 1.4342 against previous week's range of between Tk 1.3401 and Tk 1.4221.
The exchange rate of dollar against Indian rupee moved between Rs 48.70 and Rs 50.2050 against previous week's range of between Rs 49.17 and Rs 50.59 and Pakistani rupee between Rs 79.85 and Rs 80.80 against previous week's Rs 79.35 and Rs 80.50.
Besides, the exchange rate of dollar against Malaysian ringgit varied between 3.3909 ringgit and 3.5766 ringgit, and that against the Thai currency between 34.13 baht and 3.3350 baht.
In the international market, dollar was traded between 95.1260 yen and 98.8690 yen against the previous week's range between 97.92 yen and 99.6070 yen. Euro was traded between 1.3557 dollar and 1.3723 dollar against the previous week's range between 1.3212 dollar and 1.3440 dollar.
US dollar was mostly steady against Bangladesh taka (BDT) in the inter-bank foreign exchange market last week due to sufficient flow of the greenback, fund managers said.
The demand for the greenback marked slight rise because of higher import payment obligations. The supply line was nourished with inward remittances and export incomes. The higher demand was balanced with equally high supply of the greenback, they said.
The exchange rate of the dollar mainly varied between Tk 69.02 and Tk 69.035 in the inter-bank market against previous week's range of between Tk 69.02 and Tk 69.03.
The commercial banks avoided cross-currency transactions responding to the instruction of the central bank. They were cautious of making swap deals. The use of swap deals is usually considered as a discouraging market behaviour, fund manager sources said.
The average transaction of the greenback stood at around $ 24 million per day against that of previous week's daily average of $ 18 million.
Dollar remained unchanged in public deals and it was mostly exchanged at rates varying between Tk 67.85 and Tk 70.05 maintaining previous week's range, funds managers said.
In the informal market, the greenback fell and it was traded at rates varying between Tk 69.20 and Tk 69.50 against the previous week's range of between Tk 69.40 and Tk 69.70. The brokers bought dollar mainly at rates between Tk 69.20 and Tk 69.30 and sold it between Tk 69.40 and Tk 68.50, money dealers said.
The central bank conducted regular monitoring and supervision of the activities performed by the dealer banks for checking unnecessary transactions in dollar to ensure better management in the foreign exchange market, fund managers said.
The commercial banks encouraged Bangladeshi expatriates by offering high exchange rates to transfer their money through the banking channel, said money dealers.
Most banks took interest in holding the foreign currency in their reserves to meet future demands against import payments. They are predicting higher import obligations ahead of the end of current fiscal year
In the regional market, most currencies encountered fluctuations in the week.
The exchange rate of Indian rupee against Bangladesh taka varied between Tk 1.3515 and Tk 1.4342 against previous week's range of between Tk 1.3401 and Tk 1.4221.
The exchange rate of dollar against Indian rupee moved between Rs 48.70 and Rs 50.2050 against previous week's range of between Rs 49.17 and Rs 50.59 and Pakistani rupee between Rs 79.85 and Rs 80.80 against previous week's Rs 79.35 and Rs 80.50.
Besides, the exchange rate of dollar against Malaysian ringgit varied between 3.3909 ringgit and 3.5766 ringgit, and that against the Thai currency between 34.13 baht and 3.3350 baht.
In the international market, dollar was traded between 95.1260 yen and 98.8690 yen against the previous week's range between 97.92 yen and 99.6070 yen. Euro was traded between 1.3557 dollar and 1.3723 dollar against the previous week's range between 1.3212 dollar and 1.3440 dollar.