Dhaka, Bangladesh (BBN) – The exchange rate of Bangladesh Taka (BDT) depreciated by maximum two paisa more against the US currency in early hour transactions on Wednesday in the inter-bank foreign exchange (forex) market.
The US dollar was quoted at maximum BDT 80.64 against BDT 80.62 of the previous working day till the report was filed at 12:20 pm (local time).
“The deprecation mode of local currency against the US currency may continue in the inter-bank foreign exchange market due to lower supply of the greenback in the market,” a senior treasury official of a leading private commercial bank (PCB) told BBN in Dhaka.
He also said the depreciating mode of BDT against the US dollar has continued at customer level.
The average exchange rate of US dollar rose to BDT 81.7281 for bill for collection (BC) on Tuesday from BDT 81.6566 of the previous working day, according to the statistics of the Bangladesh Foreign Exchange Dealers Association (BAFEDA).
However, the banks quoted at BDT 80-BDT 80.5 to the remitters for telegraphic transfer (TT) of their funds while the US dollar quoted at BDT79.9 – BDT 80.3 for purchasing export proceeds, according to the BBN early hour monitoring report.
On the other hand, the inter-bank call money rate remained stable in the range between 1.80 per cent and 4.50 per cent on Tuesday unchanged from the previous level due to sufficient inflow of fund into the market.
The volume of overall transactions in the inter-bank call money market came down to BDT 58.69 billion on the day from BDT 59.32 billion of the previous working day, according to the central bank latest statistics, released on Wednesday.