Dhaka, Bangladesh (BBN)- The exchange rate of Bangladesh Taka (BDT) depreciated further against the US dollar on Wednesday despite the central bank’s foreign currency support to the commercial banks.
The exchange rate of the local currency depreciated by two paisa on the day against the greenback mainly due to higher demand for the US currency in the market, according to the market operators.
The US dollar was quoted at BDT 82.92 each in the inter-bank foreign exchange market on Wednesday against BDT 82.90 of the previous working day, they added.
Earlier on January 22, the exchange rate of the local currency depreciated by two paisa against the US dollar on the same ground.
The US dollar was quoted at BDT 82.90 each in the inter-bank forex market on January 22 against BDT 82.88 of the previous working day.
The latest revised exchange rate came in the inter-bank forex market just one day after depreciation of the local currency by five paisa against the US dollar at customer level.
The exchange rate of the US dollar rose to maximum BDT 83.40 for sale of Bill for Collection (BC) on Tuesday from maximum BDT 83.35 of the previous working day, according to the market operators.
The banks also quoted the US dollar at maximum BDT 82.40 on Tuesday against BDT 82.35 of the previous working day to the remitters for telegraphic transfer (TT) clean of their funds.
Talking to the BBN, a senior treasury official of a private commercial bank said they have re-fixed their BC selling and TT clean rates in line with the market requirement.
The depreciating mode of BDT against the greenback may continue in the near future also, mainly due to higher import payment obligations, according to the private banker.
The BDT depreciated by 5.08 per cent against the US dollar in 2017 mainly due to higher demand for the greenback for settling import payment obligations.
The US dollar was quoted at BDT 82.70 in the inter-bank forex market on December 28, the last working day of 2017 against BDT 78.70 on December 29, 2016, the last working day of the year.
“Higher pressures for import of food grains particularly rice and wheat have been one of the major factors for depreciation of the local currency, to a marked extent, against the US dollar,” a senior official of the Bangladesh Bank (BB) explained.
BBN/SSR/AD