Local currency maintains soft tone

Local currency maintained soft tone during the week of February 8 to February 12 last as well and traded at around 77.80 levels.

Bangladesh has received $1.23 billion as inward remittances in the month of January, 2015. The market will see the same tone next week as well.

The average daily inter-bank USD/BDT transaction volume was about $27.40 million against $43.65 million of the preceding week.

Most of the banks kept their published foreign exchange rates unchanged throughout the week. The USD/BDT selling rates for importers of major foreign and private banks was at 78.10-78.65, while USD buying rates from exporters were at 77.10-77.65. For non- commercial payments such as Tele Graphic Transfer as donations, wage earners remittance, dollar drafts etc, the average T.T buying rate was in the range of 77.10-77.65 while average T.T selling rate was at 78.3549 on the last working day.

USD/BDT swap market last week remained active. The daily average volume of swap transaction was around $70.00 million.

The local call money rate experienced down-ward trend due to some eased demand and market traded between a range of 7.25 per cent and 8.00 per cent on the last day of the week. Bangladesh Bank supported commercial banks through Reverse Repo and ALS windows. Bangladesh Bank accepted 91-day and 364-day T-bill. The cutoff yield of 91-day was 7.30 per cent and 364-day was 8.07 per cent. It also accepted 5-Year Govt. Treasury bond at yield of 9.48 per cent.

    — Commercial Bank of Ceylon PLC