Dhaka, Bangladesh (BBN)– The exchange rate of Bangladesh Taka (BDT) depreciated significantly against the US dollar at the customers’ level for clearing import payment obligations on Tuesday, market operators said.
The local currency depreciated by 0.37 per cent or 30 paisa against the US currency as the average Bill for Collection (BC) rate of the greenback stood at BDT 82.0892 on the day from BDT 81.7889 on the previous working day, according to Bangladesh Foreign Exchange Dealers Association (BAFEDA).
They said the substantial depreciation of BDT took place in nearly two weeks after it witnessed an appreciation of 30 paisa on September 14. In the meantime, the exchange rate showed normal trend.
In case of receiving inward funds, the BDT also depreciated slightly against the greenback on the same day.
The banks quoted one US dollar at BDT 80.7721 on the day against BDT 80.7715 of the previous working day to the remitters for telegraphic transfer (TT) clean of their funds, the BAFEDA data showed.
Such depreciation would make imports costlier while the remitters and exporters are expected to be benefitted slightly, according to market insiders.
However, the exchange rate of BDT remained unchanged against the US dollar in the inter-bank forex market on Tuesday.
The US dollar was quoted at BDT 80.80, which was unchanged from the previous level, according to the market operators.
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, they said.
The spread between selling and buying of the US currency must not exceed BDT 1.45. Earlier, it was BDT 1.0, a senior treasury official of a private commercial said quoting the Bangladesh Bank (BB)’s advice.
Under the latest advice, the banks are now allowed to quote each US dollar at maximum BDT 82.25 for BC and the rate for TC is re-fixed at BDT 80.80 per dollar.
The private banker also claimed that a few number of deals were settled raging between BDT 82.30 and BDT 82.38 for corporate entities on the day while using of ‘third currency’ per unit of the US currency stood at BDT 82.45.
When contacted, a BB senior official said he was not aware about such advice, but only said: “The central bank is now monitoring closely the market to ensure stability.”
Earlier on September 14, the exchange rate of BDT appreciated significantly against the US dollar at the customers’ level, following similar ‘persuasion’ by the central bank.
On the day, the local currency gained 0.36 per cent or around 30 paisa against the US currency for BC selling while it appreciated by 0.41 per cent or more than 33 paisa against the greenback for receiving inward funds.