Indian rupee's demand dips in Bangladesh
The currency also hits lowest in global market
The demand for Indian rupee has decreased in Bangladesh, which has resulted in a decrease in the price of the currency by 4-5 paisa in the span of a week in the country.
However, the sale of dollars in the country's open market was normal today.
Talking to money changers in Motijheel, Paltan, Baitul Mukarram areas TBS learned that the price of a dollar in the open market has increased to Tk124.5, which is almost Tk1 higher than a week ago.
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On the other hand, the exchange houses are asking for Tk1.40 to 1.44 per Indian rupee, whereas the price was Tk1.48 to 1.50 per rupee last week.
Open market dollar seller Md Ripon said, "There is no sale of Indian rupees at all. Sales have decreased due to political tensions between the two countries over the last few months resulting in a drop in visitors from Bangladesh." The price of the rupee in local taka has decreased by 4-5 paisa, he said.
"Earlier, Tk50,000 to 80,000 worth of Indian rupees used to be sold every day. But today, not a single rupee has been sold. Besides, the value of the rupee is also dropping," he said.
Nadir Hossain, another money exchanger, said the sale of rupees has decreased a lot after the Indian government stopped issuing medical visas for Bangladeshis.
He said, "Earlier, around Tk6 lakh worth of rupees used to be sold every week, but in the last week, not even Tk50,000 worth of rupees were sold."
Meanwhile, the Indian rupee declined to a lifetime low in the global market on Tuesday, pressured by the US dollar's rally against its major peers and on concerns over the Asian country's slowing growth rate.
The rupee dipped to a record low of 84.7425 against the dollar, inching past its previous all-time low of 84.7050 hit on Monday. Its Asian peers were mostly weaker, with the offshore Chinese yuan dropping to its lowest in a year, while the dollar index rose to 106.50 on the back of weakness in the euro.
The decline in the rupee from 84.50 to the current level "has been without much resistance, relatively speaking," a currency trader at a bank, said.
