Greenback soft against Bangladesh taka
Sunday, 1 July 2007
Sarwar Zahan
US dollar was slightly soft against Bangladesh taka (BDT) last week despite a steady demand for the greenback. The exchange rate of the greenback ranged between Tk 68.80 and Tk 69.00 against the previous week's range between Tk 68.80 and Tk 69.05 in the interbank foreign exchange market, fund manager sources said.
The demand for the greenback was steady with stable import payments. The supply of the foreign currency was nourished with higher inflow of remittance and export proceeds, they said.
Dollar was, however, stable in public deals as well as in the local informal market. Cash dollar in public deals was exchanged at rates between Tk 67.05 and Tk 69.90 maintaining the previous week's range, funds managers said.
The greenback was steady in the informal market and it was traded at rates between Tk 70.60 and Tk 71.00 in the local informal market against the previous week's range between Tk 70.70 and Tk 71.00. The brokers used to buy dollar mainly at rates between Tk 70.60 and Tk 70.80 and sold it between Tk 70.50 and 71.00, money dealers said.
The dealer banks held a reserved mood in making swap deals against customer requirements to fund their import payment obligations instantly. The lower use of swap deals was taken as a positive market behaviour, they added.
The central bank intensified its monitoring and supervision activities to ensure discipline in the foreign exchange market. It helped check unnecessary transactions in dollar by the dealer banks, sources said.
The central bank also conducted regular auctions of the reverse repurchase agreement (repo) to withdraw cash from the market. The tool was applied to keep the call money rate at a reasonable level and discourage excess buying of dollar, they said.
The commercial banks encouraged the Bangladeshi expatriates to send their money through the banking channel offering high exchange rates for foreign currencies, 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 40.78 and Rs 41.03. Pakistani rupee ranged between Rs 60.55 and Rs 60.61.
The exchange rate of dollar against Malaysian ringgit varied between 3.4655 ringgit and 3.4735 ringgit and against Thai baht between 34.52 bahts and 34.61 bahts.
In the international market, dollar was traded between 122.36 yen and 123.69 yen against the previous week's range between 123.44 yen and 123.65 yen. Euro was traded between 1.3440 dollar and 1.3475 dollar against the previous week's range between 1.3389 dollar and 1.3430 dollar.
US dollar was slightly soft against Bangladesh taka (BDT) last week despite a steady demand for the greenback. The exchange rate of the greenback ranged between Tk 68.80 and Tk 69.00 against the previous week's range between Tk 68.80 and Tk 69.05 in the interbank foreign exchange market, fund manager sources said.
The demand for the greenback was steady with stable import payments. The supply of the foreign currency was nourished with higher inflow of remittance and export proceeds, they said.
Dollar was, however, stable in public deals as well as in the local informal market. Cash dollar in public deals was exchanged at rates between Tk 67.05 and Tk 69.90 maintaining the previous week's range, funds managers said.
The greenback was steady in the informal market and it was traded at rates between Tk 70.60 and Tk 71.00 in the local informal market against the previous week's range between Tk 70.70 and Tk 71.00. The brokers used to buy dollar mainly at rates between Tk 70.60 and Tk 70.80 and sold it between Tk 70.50 and 71.00, money dealers said.
The dealer banks held a reserved mood in making swap deals against customer requirements to fund their import payment obligations instantly. The lower use of swap deals was taken as a positive market behaviour, they added.
The central bank intensified its monitoring and supervision activities to ensure discipline in the foreign exchange market. It helped check unnecessary transactions in dollar by the dealer banks, sources said.
The central bank also conducted regular auctions of the reverse repurchase agreement (repo) to withdraw cash from the market. The tool was applied to keep the call money rate at a reasonable level and discourage excess buying of dollar, they said.
The commercial banks encouraged the Bangladeshi expatriates to send their money through the banking channel offering high exchange rates for foreign currencies, 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 40.78 and Rs 41.03. Pakistani rupee ranged between Rs 60.55 and Rs 60.61.
The exchange rate of dollar against Malaysian ringgit varied between 3.4655 ringgit and 3.4735 ringgit and against Thai baht between 34.52 bahts and 34.61 bahts.
In the international market, dollar was traded between 122.36 yen and 123.69 yen against the previous week's range between 123.44 yen and 123.65 yen. Euro was traded between 1.3440 dollar and 1.3475 dollar against the previous week's range between 1.3389 dollar and 1.3430 dollar.