Dhaka, Bangladesh (BBN) – Depreciating mode of the local currency against the US dollar has been continuing since October 27 following higher demand for the greenback in the market.
The exchange rate of Bangladesh Taka (BDT) against the US dollar remained stable in early hour transactions on Thursday in inter-bank foreign exchange (forex) market.
“But it may experience upward change by the end of the day,” a senior treasury official of a leading commercial bank told the BBN in Dhaka on Thursday.
The US dollar was quoted at BDT 78.60- BDT 78.62 unchanged from the previous level till the report was filed at 11:45am (local time).
However, the local currency deprecated by nearly seven paisa against the US dollar at customer level on Wednesday due to create re-payment pressure on the market.
“Some importers are clearing their import payment obligations in advance to avoid possible currency valuation loss in the near future,” the treasury official said without elaborating.
The exchange rate of the US dollar at customer level rose to BDT 79.3188 on Wednesday from BDT 79.2487 of the previous level. It was BDT 79.1746 on Monday.
On the other hand, the inter-bank call money rate remained stable in the range between 2.50 per cent and 4.50 per cent on the day mainly due to sufficient inflow of fund into the market.
The volume of overall transactions in the inter-bank call money market rose to BDT 48.54 billion on Wednesday from BDT 46.08 billion of the previous level.
BBN/SSR/AD