Taka gets slightly stronger against US$

Bangladesh’s local currency has gotten stronger against the American greenback with an appreciation of Tk 0.50, for the first time in the last few years. The inter-bank exchange rate stood at Tk 91.50 per USD on Wednesday, down from Tk 92 recorded in the previous day.

Bangladesh Bank Executive Director and spokesperson Md Serajul Islam said the local currency has gotten slightly stronger against the USD as the forex market is now stable, adding that the regulator on Wednesday sold $129 million to banks at the rate of Tk 91.50 per USD.

He added that the central bank usually sells USD considering the current forex market situation, and it is now more stable compared to previous days.

In recent times, taka continuously depreciated against the American greenback thanks to the growing import payments, which created a burden on importers, but helped boost export and remittance earnings.

The inter-bank exchange rate was at Tk 92 per dollar on Tuesday, up from Monday’s Tk 91.95. This was the 11th depreciation of the taka against the US dollar this year so far.

The country’s foreign exchange reserves also dropped to $41.70 billion on Wednesday from $42.1 billion on June 1 due to the dollar selling spree of the central bank.