Dhaka, Bangladesh (BBN) – The exchange rate of local currency gained significantly against the US dollar at the customer level on Thursday following persuasion by the central bank.
The Bangladesh Taka (BDT) appreciated by 0.36 per cent or around 30 paisa against the US currency for clearing import payment obligations, according to the market operators.
The average exchange rate of the US dollar came down to BDT 81.7062 for Bill for Collection (BC) selling on the day from BDT 82.0027 of the previous level, according to the Bangladesh Foreign Exchange Dealers Association (BAFEDA) statistics.
On the other hand, BDT gained 0.41 per cent or more than 33 paisa against the greenback on the same day for receiving inward funds.
The banks quoted US dollar at BDT 80.7025 on the day against Tk 81.0375 of the previous working day to the remitters for telegraphic transfer (TT) clean of their funds, the BAFEDA data showed.
Earlier on the day, the central bank ‘persuaded’ the banks for re-fixing the rates in case of both BC and TT to ensure stability in the foreign exchange market.
Subsequently, the banks are now allowed to quote each US dollar at maximum BDT 81.7000 for BC, while the rate for TT is re-fixed at Tk 80.7000.
“The buying rate of the US dollar must be lower than the inter-bank rate,” a senior treasury official of a leading private commercial bank (PCB) said quoting the BB’s advise.
Besides, the spread between selling and buying of the US currency must not exceed BDT 1.0, according to the central bank’s advice, he added.
“We’ve strengthen our monitoring to ensure the stability in the country’s forex market,” a BB senior official told BBN without elaborating.
However, the exchange rate of local currency depreciated slightly against the US dollar in the inter-bank foreign exchange market on Thursday.
The US dollar was quoted at BDT 80.73 on the day against BDT 80.70 of the previous working day.
“The use of third currency may encourage in the forex market due to the BB’s persuasion,” a senior treasury official of a leading private commercial bank (PCB) said while explaining the possible impact of the BB’s latest moves.