US dollar rises to Tk 86.7 as BB devalues taka again

The Bangladesh Bank has devalued the taka against the US dollar further to tackle the pressure in the foreign exchange market created by rising import payments.

The taka was devalued once again by Tk 0.25 on the interbank exchange market on Monday.

The interbank exchange rate stood at Tk 86.70 per dollar, as per the Bangladesh Bank’s latest data.

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BB spokesperson and Executive Director Md Serajul Islam said since the demand for greenback has increased in the domestic market, the central bank devalued taka again to stablise the market.

Earlier on April 27, the interbank exchange rate hit Tk 86.45 per dollar, up from Tk 86.20 on March 23.

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In January, the Bangladeshi currency was devalued by Tk 0.20 while the exchange rate stood at Tk 86 per dollar.

Industry insiders said the growing demand for the greenback was mainly the result of higher import payments following an upward trend in commodities and fuel prices in the global market.