Dhaka, Bangladesh (BBN)- Bangladesh’s foreign exchange dealers are going to conduct a study on exchange rates to know the real position of the local currency against the US dollar considering the movement of other currencies of the SAARC countries.
The Bangladesh Foreign Exchange Dealers’ Association (BAFEDA) took the move against the backdrop of losing values of India and Pakistan Rupees against the US dollar.
“We’re trying to evaluate the SAARC member countries’ exchange rates against the US dollar to compare those with the local currency’s exchange rate for our own purposes,” BAFEDA Chairman Syed Abu Naser Bukhtear Ahmed told BBN in Dhaka.
The apex body of the country’s forex dealers has already formed a three-member sub-committee to prepare the study report, considering the latest movement of exchange rates in the SAARC countries particularly in India, Pakistan, Sri Lanka and Nepal.
“We expect that the study report would be submitted to the executive committee by the end of this month,” Mr. Ahmed, who is also Managing Director and Chief Executive of the Agrani Bank Limited, added.
The exchange rate of Indian currency against the US dollar in early December 2007 was Rs 39.83. It gradually moved up to Rs 43.95 in September 2008, Rs 47.83 in October 2008, and Rs 48.66 on October 15.
On the other hand, the US dollar exchange rate against Pakistani currency was Rs 60.90 in early December 2007. It went up to Rs 75.71 in early September 2008, and touched Rs 77.84 by the end of October.
The central bank of Bangladesh, as part of its pro-active monetary policy, remained active in the foreign exchange market and made necessary interventions that resulted in a net purchase of $2.5 million in inter-bank market during the first quarters of the current fiscal, according to the Bangladesh Bank (BB) Quarterly for July-September 2008.
Bangladesh taka (BDT) was depreciated marginally by 0.30 per cent against the US dollar since October 19 to November 12 last following the increased demand of the greenback in the market.
On October 19, the US dollar was quoted at BDT 68.52 – BDT 68.54 in the inter-bank foreign exchange market against BDT 68.52 of the previous working day.
The US dollar was quoted at BDT 68.68 – BDT 68.73 in the inter-bank foreign exchange market on November 12 against BDT 68.68 of the previous working day.
The US dollar was traded at BDT 68.71- BDT 68.73 in the inter-bank foreign exchange market Monday against BDT 68.72 – BDT 68.73 of the previous working day, treasury officials confirmed.
BBN/SI/SS/AD-18November08-11:07 AM (BST)