Banks today raised the US dollar rate by Tk 0.50 for remittances, export proceeds and import payments.

The Bangladesh Foreign Exchange Dealers' Association (Bafeda) and the Association of Bankers' Bangladesh (ABB) increased the rate at a virtual meeting.

They have agreed to buy the US dollar at Tk 110 and sell them at Tk 110.50 from Monday.

As a result, remitters and exporters will get Tk 110 per dollar while banks will charge importers Tk 110.50. 

The inter-bank exchange rate has been set at Tk 110.50, which was Tk 85.8 in January last year. 

The US currency has been gaining against the taka for the past one and a half years amid depleting foreign exchange reserves of Bangladesh, driven by higher import bills against lower-than-expected remittance and export receipts.