Against the UAE dirham, it is likely to sustain 22.73-23.00 trading range, reflecting a slight decrease of 1.25 per cent.
Published: Tue 10 Jul 2018, 8:15 AM
Updated: Tue 10 Jul 2018, 10:17 AM
The taka is a very well-insulated currency against the US dollar and traded in a narrow range of 83.25 to 83.50 during the first five months of 2018. Now, it is trading at 83.75 against the US dollar or 22.8 against the UAE dirham.
The country has strong forex reserves worth of $33 billion against a normal requirement of $20 billion. The taka is not expected to depreciate sharply against the US dollar during H2 of 2018.
The only concern for Bangladesh is that its exports will become less competitive compared to neighbouring countries and imports cheaper, so it will be forced to depreciate the taka to 84.00 to 84.50 during H2 of 2018. Against the UAE dirham, it is likely to sustain 22.73-23.00 trading range, reflecting a slight decrease of 1.25 per cent.
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