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forex market
BDT gains slightly over $
Sarwar Zahan
2/13/2005
The Bangladesh taka (BD) gained slightly over the US dollar last week due to improved supply position of the greenback in the market. The demand for the dollar increased, resulting in higher total transactions during the week in the interbank foreign exchange market. The greenback recorded week's high at Tk 63.78 reflecting a decline from the previous week's peak at Tk 63.99 in the interbank marker. The dollar, however, marked a steady level in the informal market, fund managers said.
The interbank rate of the greenback varied between Tk 63.00 and Tk 63.78 against the previous week's range between Tk 63.00 and Tk 63.99. The nationalised banks, however, sold the greenback at Tk 63.00, they said.
The total transactions of the dollar in the interbank market was about 1108 million dollar during the week against that of the previous week's 78 million dollar. There was an increase in total transactions of the dollar in the interbank market while the exchange rates of the greenback dropped indicating an improved supply, they noted.
The increased import payments for petroleum products, telecommunication equipment and industrial raw materials resulted in a higher demand for the greenback, they added.
The higher inward remittance contributed to an increased supply of the dollar. The supply of the dollar was faster enough to meet the growing demand. The question, however, remained unresolved on the unreasonable gains of the dollar despite rises in inward remittance and export income , fund managers said.
The dollar continued to move at a weak level in the informal market. It was traded at rates between Tk 59.80 and Tk 60.30, maintaining the previous week's range, they said.
The dollar in public deals was, however, steady and it was traded between Tk 59.70 and Tk 62.25, they added.
In the informal market, brokers purchased the dollar mainly at rates between Tk 59.80 and Tk 59.90 and sold it between Tk 60.20 and Tk 60.30, money dealers said.
In the regional market, most of the regional currencies remained steady against the dollar. The exchange rate of the Indian rupee against the taka ranged between Tk 1.27 and Tk 1.32. The exchange rate of the dollar against the Indian rupee varied between Rs 43.23 and Rs 43.83. The Pakistani rupee ranged between Rs 59.25 and Rs 59.60.
The exchange rate of the dollar against the Malaysian ringgit varied between 3.7559 ringgit and 3.8005 ringgit and that against the Thai baht between 38.54 bath and 38.56 bath.
In the international market, the dollar was traded between 102.31 yen and 105.81 yen against the previous range between 102.76 yen and 104.18 yen. The euro was traded between 1.2756 dollar and 1.2874 dollar against the previous range between 1.3034 dollar and 1.3480 dollar.
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