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Head Lines BSS,
Dhaka, The Daily Star But the greenback was range bound against other major currencies after slipping in New York trade on doubts over the pace of the US economy's recovery, they said. The dollar was traded at between 58.4250 taka and 58.4350 taka per unit compared to its previous range between 58.4250 taka and 58.4400 taka on Tuesday, dealers said. Despite lower pressure from importers, the dollar was firm against the local currency as many dealers saw the greenback might be stronger against the yen over the longer term. "The dollar might be strong in principle but was not against the yen due to Japanese policy to curb yen's strength," dealer of a leading private bank said. "We have sufficient dollar inflow thanks to remittance growth and IMF assistance and the dollar found solid downside support on rumours of market intervention by Japanese authorities," they added. The inflow of dollar through remittance and export receipts was satisfactory level while the foreign exchange reserve was very strong, dealers said. The volume of foreign currency trade was higher as some dealers sold dollars for yen after its drop in New York trade. The dollar traded at 116.82 yen in inter-bank market at 2:53 pm today from116.81yen in New York late on Tuesday, dealers said. "In fact, the dollar had risen strongly against other major currencies but job data last Friday provided a cue for selling it to correct dollar-long positions," dealers on online trading said. Defying Wall Street forecasts of a boost in employment, businesses slashed 93,000 jobs in August, the sharpest jobs decline in five months, the US Labour Department said Friday.
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