Dollar price drops by Tk2.50 in kerb market
The price of dollar has decreased by Tk2.50 with the US currency being traded for Tk95 in the kerb market today.
On 26 May, the price of the dollar was Tk97.50. The rate was Tk98.50 a day before.
The exchange rate of the American greenback topped Tk100 on 17 May for the first time ever in Bangladesh.
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Speaking with The Business Standard, Nazrul Islam, owner of Ismail Money Exchange in Baitul Mukarram, said, "We are buying dollars at a rate of Tk94 and selling them at Tk95."
Shamim Akter Mukto, general manager of Naya Paltan's Dawn Money Exchange, claimed that many money exchange companies hoarded dollars up aiming to make a profit.
"Now they are being forced to sell dollars at a lower rate and incur losses."
As demand for the dollar rose due to increased imports, the Bangladesh Bank started selling greenbacks, releasing $5.11 billion to banks till 12 May.
In FY21, the central bank purchased around $8 billion from banks.
In the meantime, forex reserves are facing pressure because of a rise in imports in post-Covid times and their higher payments caused by rising product prices in the international market.
The country's reserves, which reached $48 billion in August last year, dropped to $41.93 billion on 11 May.
In the July-March period of FY22, exports registered about 33% growth, but it could not hold back the trade balance that slid into a deficit of about $25 billion, which was 9% higher than that of the whole previous fiscal year.
