Staff Reporter :
The US dollar has depreciated by approximately Tk 2.90 against the Bangladeshi Taka over the past 10 days, primarily due to reduced demand for dollars and a strong inflow of remittances and export earnings.
On Sunday, most banks were seen purchasing remittance dollars at Tk 120, a notable drop from the Tk 122.80-Tk 122.90 rates offered at the start of last week.
While some banks reported buying remittance dollars at up to Tk 120.50 on Thursday, foreign exchange houses noted that despite slightly higher initial offers, no bank was willing to pay more than Tk 120 by the end of the day.
The ongoing tariff negotiations with the USA and a reduced demand for imports have also contributed to the falling dollar rate.
Despite the Bangladesh Bank’s move to introduce market-based exchange rates, the US dollar has continued its downward trend, easing concerns over volatility in the foreign exchange market.
Meanwhile, the devaluation of the local currency taka against the US dollar started significantly after losing its value by 26.1 per cent in the financial year 2022-23.
The Bangladeshi currency also lost 1.8 per cent more in value against the dollar until September 7 in FY 24, as the interbank exchange rate for the dollar went up to Tk 110 from Tk 108.
The central bank fixed the dollar exchange rate at Tk122 on 31 December, compared to Tk110 in January 2024. This indicates a Tk12 increase in the dollar’s price and a corresponding 12.72 percent loss in the taka’s value.
