The exchange rate of US dollars has risen again against the local currency Taka amid a dearth of foreign exchange in the domestic market.
On Thursday, customers had to pay Tk 111 to buy a US dollar from banks, which was Tk 110.5 a day ago on Wednesday. It means that in a day, the taka depreciated by Tk 0.5, while the domestic currency depreciated by Tk 2.30 in the last four months, according to the Bangladesh Bank (BB) data.
With this, in the current fiscal year 2023-24, the taka has depreciated against the dollar for the sixth time. At the beginning of the fiscal year in July, the price of a dollar was Tk 108.70, and a year ago last November it was Tk 101.38.
From now on banks will sell dollars to the importers at Tk 111. The highest inter-bank dollar rate will be Tk 114. Last month, it was decided to buy the dollar at Tk 110 and sell it at a maximum of Tk 110.50.
But banks are selling cash dollars at more than that of Tk 3 or Tk 5. Dollars are being bought and sold at Tk 118 to Tk 119 in the open (kerb) market, outside the bank.
As a result, students, patients, and tourists going abroad would have to pay up to Tk 120 for every dollar when they want to buy cash dollars.
Talking to UNB, Syed Mahbubur Rahman, managing director and CEO of Mutual Trust Bank, said banks are buying dollars at a higher rate, so they have to sell it at a higher price.
If the BB supplied dollars to banks at a fixed rate then it may be possible to supply at a unified rate, while banks have to buy it at a higher rate, the selling rate would be higher logically, he said.
