$1 equals Tk 92.95 now

Bangladeshi Taka is continuously depreciating against the American greenback owing to the growing import payments, creating a burden on importers but boosting export and remittance earnings.

The local currency got weaker by 5 paisa more on Tuesday while the inter-bank exchange rate stood at Tk 92.95 per dollar, up from Tk 92.90 in the previous day. This is the 16th depreciation of Taka against the USD in 2022. 

A high official of the Bangladesh Bank also confirmed the issue to The Business Post. Earlier on June 8, the local currency got stronger against the American greenback with an appreciation of Tk 0.50, for the first time in the last two years. However, the central bank allowed dollar free float, but unofficially it intervened in the forex market by setting the inter-bank exchange rate.

The Bangladesh Bank is selling the USD everyday to banks in order to cool down the forex market.

On Tuesday, the central bank sold $114 million to banks at the rate of Tk 92.95 per dollar, which is the official inter-bank exchange rate. During the period between August and June 16 of the current fiscal year, the central bank injected over $7 billion to the banking sector, which is the highest in the country’s history.