Taka depreciates further; BB sells USD at Tk 102

Business Report :
Bangladesh Bank yesterday depreciated the taka further by selling the local currency to banks at Tk 102 for a dollar.
The move is aimed at gradually adjusting the exchange rates in line with the market demand and supply.
The latest depreciation comes a month after the central bank sold the greenback to banks at Tk 101 on the first day of February.
Since January, the BB depreciated the local currency by 2 per cent by selling the US dollar to banks to support them meet their foreign currency requirements, particularly for import payments, amid the forex crisis that has been lingering for a year.
Yesterday, the central bank sold $56 million to banks at the new rate, said a senior BB official, seeking anonymity.
“We are adjusting the exchange rate gradually,” he said.
The central bank on Thursday sold $52.90 million to banks, helping them clear letters of credit.
It has so far injected around $10 billion into banks this fiscal year to reduce the stress emanating from the ongoing dollar shortage in the foreign exchange market after it had sold $7.62 billion in fiscal 2021-22.
In the interbank market, the greenback was traded up to Tk 105.42 on average on February 22, up 22.5 per cent from Tk 86 each a year ago.