Currency market remains largely stable after 30-day of Brexit

Currency market

Local currency market remained largely stable after 30 days of the Brexit that had sent a wave of volatility to the global currency market last month.

The pound sterling lost 8.0 percent against US dollars on the first day of trade following Brexit, held on June 23 to pave the way out to the United Kingdom from the 28 nations European Union (EU).

The pound also drifted further on the global market in the past 30 days in post-Brexit trade and hit a 30-year low at $1.29 on July 6 as "investors have selling sterling assets in expectation that the Bank of England will loosen monetary policy to cope with the looming economic slowdown", according an analysis of the British magazine the Economist.

The pound in the local market also witnessed some pressure from the sellers, but the decline in the exchange rate against Taka was not as big as it was on the global market. According to BB, the sterling was traded for Taka 103.55 on Thursday which was 107.24 on June 23. Read More Bbarta24.net