Monday, 4 July, 2022

Dollar market turns volatile

Price crosses Tk 100 in open market

The price of US dollar has crossed Tk 100 per dollar in the open market.

The US currency was exchanged for Tk 101.30 on Tuesday, a money exchange operator based in Uttara told the Daily Sun requesting not to be named. The retail price of dollar was around Tk 96 per unit on Monday.

Bangladesh Bank devalued the local currency against US dollar to control increasing pressure on imports and inflation in the market. The price of the currency was Tk 86.7 for bank transaction that was traded at a higher price in the open market and corporate deals.

 “We tried to stabilise the money market through depreciating local currency to discourage imports,” Habibur Rahman, chief economist of Bangladesh Bank, told the Daily Sun.

The monetary analyst said the central bank withdrew taka from the market by selling dollars to rein in inflation.