BBN file photo

Dhaka, Bangladesh (BBN) -The exchange rate of Bangladesh Taka (BDT) depreciated maximum two paisa against the US dollar in the inter-bank foreign exchange market in early hour transactions on Monday.

The US dollar was quoted at BDT 80.75 against BDT 80.73 of the previous working till the report was filed at 12:30 pm (local time).

“The BDT depreciated slightly against the US currency in the inter-bank forex market mainly due to higher demand for the greenback in the market,” a senior treasury official of a leading private commercial bank (PCB) told BBN in Dhaka without elaborating.

On the other hand, the local currency has maintained appreciating mode against the US dollar continuously at customer level for clearing import payment obligations.

However, the average exchange rate of US dollar came down to BDT 81.6921 for Bill for Collection (BC) on Sunday from BDT 81.7025 of the previous working day, according to the statistics of the Bangladesh Foreign Exchange Dealers Association (BAFEDA).

Talking to BBN, another treasury official said the BDT may return to deprecate mode shortly against the US currency for BC selling for making import payments.

The exchange rate of local currency gained significantly against the US dollar at the customer level on Thursday, the last working day of the last week following persuasion by the central bank of Bangladesh.

Earlier on Thursday, the BDT appreciated by 0.36 per cent or around 30 paisa to BDT 81.7062 against the US currency for clearing import payment obligations from BDT 82.0027 of the previous level, the BAFEDA data showed.

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 from the previous working day. But the most of the deals were settled between 3.25 per cent and 4.00 per cent.

The volume of transactions in the call money market rose to BDT 87.41 billion on Sunday from BDT 86.11 billion of the previous working day, according to the Bangladesh Bank (BB), the country’s central bank, statistics, released on Monday.

The weighted average rate on call money remained came down to 3.88 per cent on the day from 3.90 per cent of the previous working day.

BBN/SSR/AD