Open market dollar price falls below Tk98

The demand and supply of dollar in the open market remains volatile as the exchange rate of dollar has started falling drawing fewer sellers.

The curb market price of dollar was Tk97.50 on Wednesday which came down to even at Tk97 at some of the money exchanges. A mixed reaction was observed in the exchanges regarding purchase of dollars. 

Many of them tried to buy dollars at the rate of Tk95-96 while some of them tried to sell out all the dollars already they have in hands. Those who came to the exchanges to sell dollars did not trade due to the low price. 

Earlier on Tuesday, the open market dollar rate crossed Tk103 mark which came down to Tk98 on Wednesday. 

An employee of a money exchange at the city's Paltan area told The Business Standard that many money exchanges bought huge dollars amid the volatile dollar market situation, even at a rate of Tk101-102, aiming to make profit. Now they are facing losses due to fall in dollar prices. 

Another employee of a money exchange at Baitul Mokarram area said they had bought dollar at a rate of Tk96 and selling at Tk97.70. The customer flow is very good as the demand is high.  

A businessman at Motijheel area said he had bought dollar at a rate of Tk97. He bought dollars on Wednesday but did not attempt to do so on Thursday. Now he wants to sell the dollars which he bought earlier. 

The demand for dollar went up due to rise in the import bills. Also the fall in remittance flow along with the increased rate of import bills has contributed in making the situation more critical. 

The Central Bank has sold over $1 billion to the commercial banks to control the dollar price which became a futile attempt. Besides, the central bank raised the dollar price several times upto Tk1.30 helping rise in the dollar price over Tk100 in the open market.