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Taka appreciates slightly against dollar

Star Business Report
Taka gained slightly by 2 paisa against US dollar on Sunday due to an increase in the inflow of foreign currency in the market, Bangladesh Bank (BB) sources said.
The minimum price of US dollar came down to Tk 68.48 from Tk 68.50 in the inter-bank foreign exchange market Sunday. But the highest price of dollar remained unchanged at Tk 68.53
The local currency marginally appreciated against the US dollar earlier in June.
"Over the past two weeks, the supply of US dollar was adequate in the market,” a senior private commercial bank official said, reasoning the latest appreciation of taka.
He said the inflow of remit-tance and payment to readymade garment exporters by their buyers for the winter season purchase are the two major reasons for the deprecia-
tion of US dollar against the local currency.
"Some big import payments due for lune have been deferred mainly due to start of a new fiscal year," a BB official said. He also hinted the exchange rate of the US dollar may increase shortly as the payment for those imports is likely to shoot up by the end of this month.
On Tuesday last, the central bank bought $9.50 million from the commercial banks at a rate ofTk 68.50 in order to keep the forex market stable. Sources said the BB bought the dollar to keep the local currency stable against the greenback, which it thinks necessary for ensuring the inflow of remittance and export earnings.
Last December, the central bank also purchased at least $37 million from the commercial banks as part of its policy intervention.
A section of the economists and importers have been ask-
ing the central bank for the last one year to appreciate taka against the dollar to reduce the inflationary pressures on imported items. Bangladesh imported goods including rice and wheat worth over $20 billion in the just concluded fiscal yearof2007-08.
On the other hand Bangladesh's exports and remittances were about $14 billion and $8 billion respectively in 2007-08.
Another group of economists, exporters and bankers said a weak dollar would reduce earnings from exports and remittances, which the economy cannot afford.
They said the appreciation of taka would reduce the local currency costs of importing commodities.
But the commodity market price exhibits more volatility than the foreign exchange rates.