Tk appreciates against US$ significantly

The exchange rate of Bangladesh Taka (BDT) appreciated significantly against the US dollar at the customer level on Thursday following 'persuasion' by the central bank.
The local currency gained 0.36 per cent or around 30 paisa against the US currency at customer level for clearing import payment obligations, according to the market operators.
The average exchange rate of the US dollar came down to Tk 81.7062 for sale of bill for collection (BC) on Thursday, from Tk 82.0027 of the previous working day, according to the statistics of Bangladesh Foreign Exchange Dealers Association (BAFEDA).
On the other hand, BDT appreciated 0.41 per cent or more than 33 paisa against the greenback on the same day for receiving inward funds.
The banks quoted US dollar at Tk 80.7025 on the day against Tk 81.0375 of the previous working day to the remitters for telegraphic transfer (TT) clean of their funds, the BAFEDA data showed.
Earlier on the day, the central bank 'persuaded' the banks for re-fixing the rates in case of both BC and TT to ensure stability in the foreign exchange market.
Subsequently, the banks are now allowed to quote each US dollar at maximum Tk 81.70 for BC, while the rate for TC is re-fixed at Tk 80.70.
"The buying rate of the US dollar must be lower than the inter-bank rate," a senior treasury official of a leading private commercial bank (PCB) told the FE, quoting the BB's advise.
Besides, the spread between selling and buying of the US currency must not exceed Tk 1.0, according to the central bank's advice, he added.
A BB senior official, however, told the FE that he has no idea whether or not the central bank has given any advice to the banks in this regard.
"We're closely monitoring the market to ensure stability," he added.
On the other hand, the exchange rate of BDT depreciated slightly against the US dollar in the inter-bank foreign exchange market on Thursday.
The US dollar was quoted at Tk 80.73 on the day against Tk 80.70 of the previous working day.
The market insiders, however, said importers will be benefited following the BB's latest move, while remitters and exporters will be deprived.
"Such a step should have been taken earlier," another senior treasury official of a PCB told the FE while explaining the impact of the BB's latest move on forex market.
He also said the central bank should take initiatives considering the overall market situation for facilitating the country's economic development.
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