The gap between the dollar and the open market is narrowing

The gap between the dollar and the open market is narrowing
Icon landmark report
Published: 03 Oct 2024, 11:09 pm

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The gap between the dollar and the open market is narrowing
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Inflow of dollar into the market has led to a slight decrease in its interbank rate. At the same time, prices in imports and in the open market also decreased slightly.

The flow of remittances sent by expatriates to the country has been increasing for the past 2 months. At the same time export income has also increased. On the other hand, smuggling money out of the country under the guise of imports has reduced a lot. Due to these reasons, the flow of dollars has increased in the market.

According to the sources, the dollar was traded at the maximum rate of 120 rupees fixed till now in the interbank. The highest and lowest prices of the dollar were the same. On Thursday, the highest price was 120 taka, while the lowest price was 119 taka 90 paise.

At the same time, transactions have also increased. Previously, an average of 1 crore to 4 million dollars was traded daily. 4 crore 23 lakh 70 thousand dollars were traded on Thursday. The average price was 119 taka 98 paisa. Earlier the average price was Rs.120.

Bankers are seeing a slight decline in the interbank dollar rate as a positive. They think, if the flow of dollars increases, it will decrease a little more. If not, it will not decrease and increase. It is positive. As a result, import costs will decrease. At the same time, if the value of the rupee is stable against the dollar, the pressure on inflation will also reduce a little.

Meanwhile, the price of the dollar has also decreased slightly in imports. Earlier, imported dollars were sold at the price of 122 to 123 taka in some banks. Now almost all banks have come down to 120 rupees. As a result, the import cost will decrease to some extent in the amount of Rs. As a result, the price of imported goods will be reduced. Likewise, the inflationary pressure due to imports will also reduce somewhat.

The price of the dollar also fell in the open market. On Thursday, every dollar was sold at Tk 121 to Tk 122. In some places it was little more than that. The gap between dollar prices in the bank curb market narrowed as prices fell in the open market. Now the difference between the dollar price between bank and open market is 1 to 2 taka. Earlier this gap was more than 10 rupees.

But there is still pressure to meet past due import costs. As a result, there is some pressure on the reserves due to having to pay those debts. Now the reserves are not increasing. is stable. However, it has been possible to prevent the decline of reserves.