Taka appreciates vs US dollar by 10 paisa
Siddique Islam | Wednesday, 28 December 2016
The local currency Taka appreciated by 10 paisa against US dollar on Tuesday in a single day after two months in the inter-bank foreign exchange (forex) market.
The US dollar was quoted at Tk 78.70-Tk 78.80 against Tk 78.80 of the previous working day, according to treasury officials of commercial banks. It was Tk 78.80-Tk 78.85 on Thursday.
"A few deals were settled at Tk 78.80 at the early hours of the day but it was closed at Tk 78.70," a senior official of the Bangladesh Bank (BB) told the FE while explaining the overall forex market situation.
He also said the exchange of BDT against the US dollar has been fixed in line with the market requirement.
"The demand for the US currency decreased recently following lower import payment obligations," the central banker explained.
Quoting initial data, another BB official said the pressures on overall import payment settlement have eased more in December than that of the previous month.
The country's overall import increased by more than 12 per cent to US$416.85 million in November over the previous month, mainly due to higher import of fuel oils and fertilisers.
The actual import in terms of settlement of letters of credit (LCs) rose to $3.77 billion in November 2016 from $3.36 billion in October 2016. It was $3.20 billion in November 2015.
On the other hand, opening of LCs, generally known as import orders, grew by 14 per cent to $4.37 billion last month from $3.83 billion in October. It was $4.10 million in November 2015.
Talking to the FE, a senior treasury official of a leading private commercial bank said the existing appreciating mode of the BDT against the US dollar may continue unless the central bank intervenes in the market.
Earlier on October 27 last, the BDT started a depreciating trend against the US dollar after maintaining stability for more than seven months in the inter-bank forex market.
The US dollar was quoted at Tk 78.40-Tk 78.42 in the inter-bank forex market on October 27 last against Tk 78.40 of the previous level.
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