Taka depreciates marginally against dollar
Monday, 1 February 2010
FE Report
Bangladesh taka (BDT) marginally depreciated by 0.08 per cent against the US dollar in the last one week following a rise in demand for the greenback in the market.
The US dollar was traded at Tk 69.19-Tk 69.23 in the inter-bank foreign exchange market Sunday against Tk 69.15 a week back, treasury officials said.
The BDT has been depreciating since January 24 this year following an increase in demand for the greenback in the inter-bank market to settle payments for import of petroleum products, scrap vessels and food grains.
"The local currency has depreciated against the US dollar on the basis of market demand," a senior official of the Bangladesh Bank (BB) told the FE Wednesday, adding that the central bank is monitoring the overall foreign exchange market closely to keep it stable.
"The central bank may intervene in the market if necessary," the BB official said, adding the demand for the greenback is likely to ease shortly.
Talking to the FE, a senior treasury official of a private commercial bank said the upward trend of US dollar is likely to continue for a few more days if the central bank refrains from intervening in the market.
He also said the demand for the greenback might decline in the first week of February this year after pressures on payments for petroleum products, scrap vessels and food grains particularly wheat depletes.
"The flow of US dollar may rise in the first week of February following higher inflow of remittances and reasonable export performances," a treasury official of a leading foreign commercial bank told the FE.
The country received a total of $698.98 million as remittances during January 3 and January 21 this year, and is likely to cross $900 million at the close of this month, another BB official said.
The remittances from Bangladeshi nationals working abroad were estimated at $876.33 million in December last, a fall by $174.21 million from the previous month. In November 2009, the remittance was worth $1.050 billion, according to the central bank statistics.
Bangladesh taka (BDT) marginally depreciated by 0.08 per cent against the US dollar in the last one week following a rise in demand for the greenback in the market.
The US dollar was traded at Tk 69.19-Tk 69.23 in the inter-bank foreign exchange market Sunday against Tk 69.15 a week back, treasury officials said.
The BDT has been depreciating since January 24 this year following an increase in demand for the greenback in the inter-bank market to settle payments for import of petroleum products, scrap vessels and food grains.
"The local currency has depreciated against the US dollar on the basis of market demand," a senior official of the Bangladesh Bank (BB) told the FE Wednesday, adding that the central bank is monitoring the overall foreign exchange market closely to keep it stable.
"The central bank may intervene in the market if necessary," the BB official said, adding the demand for the greenback is likely to ease shortly.
Talking to the FE, a senior treasury official of a private commercial bank said the upward trend of US dollar is likely to continue for a few more days if the central bank refrains from intervening in the market.
He also said the demand for the greenback might decline in the first week of February this year after pressures on payments for petroleum products, scrap vessels and food grains particularly wheat depletes.
"The flow of US dollar may rise in the first week of February following higher inflow of remittances and reasonable export performances," a treasury official of a leading foreign commercial bank told the FE.
The country received a total of $698.98 million as remittances during January 3 and January 21 this year, and is likely to cross $900 million at the close of this month, another BB official said.
The remittances from Bangladeshi nationals working abroad were estimated at $876.33 million in December last, a fall by $174.21 million from the previous month. In November 2009, the remittance was worth $1.050 billion, according to the central bank statistics.