BDT remains under depreciation pressure

Dhaka, Bangladesh (BBN)- The central bank of Bangladesh has regularly intervened in the USD/BDT market to maintain the competitiveness of the exchange rate, curbing tendencies for excessive volatility.

The nominal exchange rate remained below 69.60 level until late August this year, with the BDT depreciating only 0.48 percent against the USD from the opening level of 69.27.

However, increased demand of the greenback to meet import payments took the USD/BDT rate to break 70.00 level during late September.

The BDT depreciated 1.34 percent in September alone. With buoyant demand, and the central bank’s stance to keep BDT undervalued, USD/BDT rates rose to 70.8450, the highest level during the year, by the end of October.

After a moderation in November, the nominal exchange rate started to rise again in December, and hovered near 70.69 levels in direct trading during the middle of the month, registering a depreciation of 2.05 percent over the year.

BBN/SI/AD=29Dec10-12:54 am (BST)

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