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Head Lines Taka under pressure against dollar BSS, Dhaka, The Independent May 27: The Bangladesh Taka remained under pressure against the dollar in inter-bank foreign exchange market yesterday due to higher dollar buying by importers who fear that the dollar would be strong in the coming days when the government will open Taka as a free floating currency within a couple of days, dealers said. The dollar was traded at 58.47-58.51 Taka to the dollar yesterday compared to 58.42-44 Taka to the dollar on Monday higher than the central bank's selling rates, dealers said. "Importers are now buying dollars for their future payments as they fear that the dollar initially will gain points against Bangladesh Taka amid lower inflow of remittances and thin export receipts", dealers of some leading commercial banks said. The government is likely to announce the Taka as a free floating currency which, now pagged with the US dollar and banded by selling buying rates Tk 57.40 and Tk 58.40 to the dollar respectively. "The historic announcement for making Taka as a free floating currency may be come within a couple of days. It's a unique experience", dealer of a private commercial bank said. "And we do not know what would be the situation in our market when the dollar is volatile in the international markets. That is why many dealers are buying dollars against taka to meet their import payments scheduled for next month", he added. But some dealers see the market will remain as it is after the announcement of new exchange rate policy 'because Bangladesh Taka now being traded as a free floating currency because the central bank remained absent from trading since last 10 months'. The demand for Taka was also strong from fund managers as some banks faced pressure on their liquidity after higher payments and fund withdrawal. The call money rate ranged between 10 per cent and 12.50 per cent, dealers said. "All market players are very cautious in the foreign exchange markets due mainly to new exchange rate policy and partly to volatility of the dollar against the euro", dealers said. The euro soared to a new historic high against the dollar, though there were few champagne corks popping in the 12- nation euro zone, where exporters are already hurting from the strength of the single currency. In Asia trading yesterday, the euro rose to as high as 1.1914 dollars in inter-bank market beating its previous all-time peak of 1.1899 dollars reached a few days after it was launched at the start of 1999, dealers said. The single European currency later stood at 1.1905 dollars midway through the European trading session, against 1.1856 late on Monday in New York, they said. Currency analysts said the higher levels of interest rates in the euro zone than in the United States are attracting financial inflows, while recent comments from US officials suggest a relaxation of Washington's policy of favouring a strong dollar. The euro has now rebounded by about 45 percent from a record low of 0.8230 dollars plumbed in October 2000, having been fixed at 1.1665 dollars on December 31, 1998 just ahead of its debut on the world currency markets. Some currency analysts said the euro rally has offset the positive effect of interest rate cuts in recent years by the European Central Bank (ECB), which is under pressure to loosen monetary policy again when its policymakers meet on June 5. But, they added, the firm euro could have some positive affects on the euro-zone economies, notably by helping to stoke up the US engine of global economic growth and by bearing down on inflation and input costs such as the price of oil. In late inter-bank trade, the euro was changing hands at 1.1905 dollars from 1.1856 late on Monday in New York, 138.94 yen (138.56), 0.7250 pounds (0.7231) and 1.5290 Swiss francs (1.5274). The dollar was being quoted at 116.86 yen (116.87) and 1.2863 Swiss francs (1.2883). The pound was at 1.6410 dollars (1.6395), 191.66 yen (191.60) and 2.1098 Swiss francs (2.1122), dealers said BSS, Dhaka Share prices at the Dhaka bourse plunged yesterday, while at the Chittagong bourse majority issues posted major rise. The market saw thinner trading at both the bourses with lower turnover in value. At the DSE, both the blue chips and ordinary shares incurred major losses, pulling its benchmark index and market capitalisation down. At the CSE, blue chip shares rose significantly, and prices of ordinary issues registered minor rise. The index for both the blue chips and ordinary issues and market capitalisation as well moved higher today. The market capitalisation at the DSE was 0.26 percent or Tk 170 million (USD 2.9 million) down at Tk 65.09 billion (USD 1.124 billion) from yesterday's Tk 65.26 billion (USD 1.127 billion). The market capitalisation at the CSE moved 0.549 per cent or Tk 320 million (USD 5.53 million) to Tk 58.65 billion (USD 1.013 billion) against yesterday's Tk 58.33 billion (USD 1.007 billion).
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