Local currency taka has started to gain strength against the US dollar for the first time in several years, as a steady inflow of foreign currency drives down the official exchange rate.
Taka gains ground as dollar influx rises, strengthening currency after years
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Trade settlement in rupee between India and Bangladesh would reduce pressure on US dollars and save at least Tk 1 on the exchange cost of each greenback, said Ali Reza Iftekhar, managing director and CEO of Eastern Bank Ltd (EBL).
As the US dollar shortage persists, businesses in Bangladesh are increasingly finding it difficult to open letters of credit (LCs) since banks can’t supply the adequate American greenback needed to finance imports.
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The US dollar became more costlier yesterday as the local currency depreciated once again in the inter-bank platform.
The local currency today depreciated further against the US dollar, hitting Tk 92.50 for each greenback in the interbank platform.
Bangladesh Bank has asked banks to convert major export earnings of businesses into taka immediately as it looks to increase the supply of US dollars in the economy.
The taka yesterday lost 0.91 per cent in value against US dollars, the sharpest single-day fall in the past one decade, amid the falling supply of the American greenback against surging demand to settle import bills.
