Dhaka, Bangladesh (BBN) – The exchange rate of the US dollar against Bangladesh Taka (BDT) slipped below 78.00 in the foreign exchange (forex) market on Sunday due to lower demand for the US currency, treasury officials said.
“The central bank is trying to keep the exchange rate of the US dollar against the local currency stable through purchasing the greenback from banks directly,” a senior official of the Bangladesh Bank (BB) told BBN in Dhaka.
The US dollar was quoted at BDT 77.98 in the inter-bank forex market on the day against BDT 77.98-BDT 78.00 on the previous working day, market operators said.
The BB official also said the central bank has been buying the US dollars continuously from the banks in the recent months to protect the interest of exporters and migrant workers by keeping the exchange rate of the BDT against the greenback stable.
As part of the move, the BB bought $87 million Thursday from the commercial banks at market rate, the central banker added.
“The exchange rate of US$/BDT may fall further in the coming days, mainly due to lower pressure of import payment on the economy,” a senior treasury official of a commercial bank said, adding that imports are unlikely to pick up until the prevailing confrontational political situation improves.
The local currency appreciated continuously against the US dollar in the recent months despite the central bank’s intervention in the forex market.
The BDT appreciated by 2.22 per cent against the greenback in the first 110 days of the current calendar year 2013, due to lower import payments and higher growth of inward remittance, the central bankers and treasury officials said.
The US dollar was quoted at BDT 77.98 in the inter-bank forex market on Sunday against BDT 79.75 on January 1, 2013.
BBN/SSR/AD-22Apr13-8:06 am (BST)
