Dhaka, Bangladesh (BBN) – The Bangladesh Taka (BDT) appreciated by 0.14 per cent against the US dollar last week that ended on Thursday due to lower import payment pressure following the ongoing political turmoil, bankers said.
The US dollar was quoted at BDT 77.83-BDT 77.85 in the inter-bank foreign exchange (forex) market on the day against BDT 77.95 on January 11 last, according to the central bank statistics.
“Political uncertainty has adversely impacted on import payments lowering import payment pressures which led to lower US$/BDT rate,” a senior treasury official of a commercial bank explained.
He also said a significant amount of import payment was cleared in December last after depreciating the local currency against the greenback as pre-payments to avoid possible exchange losses by the importers.
The value of Bangladesh Taka (BDT) started gaining against the US dollar from January 12 after nearly three months due mainly to lower demand for the greenback in the market.
On the other hand, the depreciating trend of BDT against the US currency started in the middle of November last year and continued until last working day of this calendar year due to higher import payments, according to the market operators.
Earlier on November 24 last, the BB resumed intervention in the foreign exchange market through selling of the US dollar to the commercial banks directly after nearly two and a half years to keep the market stable.
As part of the move, the central bank has so far sold $357 million to the commercial banks to meet the growing demand for the greenback.
BBN/SSR/AD-16Jan15-11:33 pm (BST)
