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Dollar, Euro dearer in kerb market
Govinda Shil
11/1/2005
US dollar and Euro, became dearer Tuesday as a good number of Bangladeshis seeking to celebrate Eid-ul-Fitr outside of the country rushed to money changers.
As outgoing tourists prefer dollars and euros, the prices of pound sterling fell, market sources said. The dollar was selling at Tk 68.20 and Euro at Tk 79.90 at the kerb market Tuesday afternoon. Pound Sterling was selling Tk 116.50, down by Tk 0.50 from its Monday's price.
Many of the money changers said they ran out of dollars after 2 PM when the rate jumped to Tk 68.20, from Tk 68 in early trader.
Some foreign currency dealers at the kerb market demanded Tk 68.30 for a dollar at Motijheel and Kawran Bazar areas in the afternoon.
"There are plenty of people going outside to celebrate their Eid holidays…and that is why the price of the greenback rose sharply," said a money changer at Dhaka Sheraton Hotel.
The dollar market started showing an upward trend since last Thursday when it was sold at Tk 67.40. From this Saturday, it rose everyday.
Euro was selling Monday at Tk 70.45 to Tk 79.50 and became dearer Tuesday and sold at Tk 79.90 in the kerb market.
The Pound sterling sold Tuesday at Tk 116.50 from its previous rate of Tk 117. "I sold Pound sterling at Tk 116.50 today…but my buying price for the British currency Monday was Tk 116.40 to 116.50," said the Sheraton dealer.
Other than holiday makers, many businessmen buy dollars on a regular basis from kerb market, pushing its prices further up. For example, a leading clothing sub-sector export organisation buys hundreds of thousands of dollars to pay their US lobby on a regular basis, said a source.
The source said many big businessmen carry much more dollars than they are entitled to when they make foreign trips.
"The price of dollar on Wednesday would go up…it happens during Eid holidays," said another money exchange dealer at the city's Kawran bazaar area.
Meanwhile, the prices of dollar in public deals remained stable and ranged between Tk 64.80 and Tk 66.75 for the last several weeks. In the inter-bank market, the dollar traded at the single rate of Tk 65.75.
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