Committed to PEOPLE'S RIGHT TO KNOW
Vol. 4 Num 189 Fri. December 05, 2003  
   
Business


Dollar strong against taka


The US dollar was strong against Bangladesh taka in inter-bank trading yesterday due to weekend demand from some dealers and importers, dealers said.

But the euro remained strong against the dollar after reaching a record high overnight on concern about the huge US current account and trade deficits and geopolitical risks, dealers on online trading said.

The dollar touched its high at 58.48 per unit from its earlier high at 58.4450 taka on Wednesday while in most deals, it traded between 58.4350 taka and 58.4400 taka, dealers of different commercial banks said.

The demand for the greenback was strong from importers when some banks had short- fall due to lower inflow of remittances since the end of Eid-ul-Fitr, dealers of a leading commercial bank said.

"Today, the demand was stronger as some dealers had to buy to reconcile their nostro accounts ahead of weekend holiday," a dealer of a leading bank said.

The volume of foreign currency trade was higher due to higher import payments, he added.