Bangladesh Taka Falls to Record Low of Tk 122.75 per Dollar
The value of the U.S. dollar has risen again against the Bangladeshi taka. On October 23, the highest selling rate of the dollar across various banks stood at Tk 122.75, up from Tk 122.30 last week. Bank officials said the increase is due to a rise in the number of import LCs being opened, among several other factors.
At Standard Chartered Bank, the selling rate was Tk 122.75 and the buying rate Tk 121.75. State-owned Sonali Bank sold dollars at Tk 122.60 and bought at Tk 121.60. Dhaka Bank sold at Tk 122.50 and bought at Tk 121.15 per dollar.
This upward trend has also affected the inter-bank exchange rate. According to data from Bangladesh Bank, the highest inter-bank rate reached Tk 122.25, compared to Tk 122.00 the previous day. As of October 20, the rate hovered around Tk 121.80.
An official from a private bank, speaking on condition of anonymity, said,
“The central bank is now buying dollars at relatively higher prices. Import LC openings have increased slightly, pushing up dollar demand.”
According to Bangladesh Bank, import LCs worth USD 6.3 billion were opened in September, compared to USD 5.38 billion in August — an increase of over USD 1 billion within a month.
In addition, the central bank recently purchased USD 38 million from six banks at a rate of Tk 121.80 per dollar. Since the beginning of the current fiscal year, Bangladesh Bank has bought a total of USD 2.12 billion.
Mohammad Ali, Managing Director of Pubali Bank, said,
“The dollar rate has risen slightly due to import cost pressures, but it’s not abnormal. The overall dollar supply in the market remains sufficient.”
Analysts note that the rise in the dollar rate may increase import costs, which could influence inflation. However, they believe that if the central bank maintains adequate supply, the market will likely remain stable.
