Taka slides further against dollar

The Bangladesh Bank has again depreciated the interbank exchange rate by Tk0.50 to Tk93.95 against the US dollar amid the volatility in the country's foreign exchange market.

To cover import costs after the just celebrated Eid-ul-Azha, the central bank on Wednesday sold $97 million at the new rate. The greenback was sold at Tk93.45 the previous day.

The country's forex reserves came down further in one day due to the sales to $39.70 billion on Wednesday. It was $39.77 billion the day before.

Forex reserves stood at $46.15 billion in December last year and for the first time in almost two years, the reserves fell below $40 billion last Tuesday.

Meanwhile, banks said import LC (letter of credit) settlements did not start in full swing after Eid celebrated nationwide on Sunday.

The heads of treasury departments at several private banks said the banks settled LCs at Tk97-98 on Wednesday. Besides, they have given a rate of Tk93-94 to remitters.

While cashing the export value, exporters received a rate of Tk95-97 depending on the volume. Besides, banks have to spend Tk100 as before to collect dollars from exchange houses.

On the other hand, the dollar has depreciated slightly in the kerb market compared to the previous day. It is learned that the demand for dollars in the open market has come down after Eid.

Several money changers in Motijheel, Paltan and Baitul Mukarram areas of the capital said the dollar was sold at Tk98.30 to Tk98.50 in the open market on Wednesday. The greenback was sold at Tk98.80 on Tuesday.

Businessmen said they bought dollars at Tk97.90 to Tk98 on Wednesday. The rate was Tk98.50 on Tuesday.