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Dollar price hits Tk 105 on open market

  • Staff Correspondent
  • 25 July, 2022 12:00 AM
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Dollar price hits Tk 105 on open market

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The US dollar gained Tk 2.50 in a day against taka on Sunday and sold as high as at Tk 105 on the kerb market, the highest in recent times.

However, the taka-dollar exchange rate on Thursday was Tk 102.50.

Money changers said the price of dollar rose to Tk 104 last May amid global tensions following the Russia-Ukraine war.

The rise has been attributed to the rising demand for dollars compared to its supply in the open market.              Money changers in Motijheel informed that they were not able to source enough dollars compared to the large number of buyers coming in.

Because of the acute crisis of the greenback in local market due to high imports coupled with negative growth in inward remittances last fiscal is actually shooting up the dollar price.

Money exchanges in Paltan, Motijheel and Baitul Mokarram areas reported that they had bought dollar at a rate of Tk 103 to Tk104 on Sunday.

Meanwhile, the rate of other currencies has also increased.

Saudi Riyal is being sold at Tk27.50 in the kerb market. Besides, Indian rupee was sold at Tk 1.30 which was Tk 1.25 a week ago.

Bangladesh adopted a floating exchange rate system in 2003 to effectively integrate with the global market.

However, the central bank imposed tight control on the dollar exchange rate due to the massive depletion of the greenback it has in its coffer.

Finally, it reintroduced the floating exchange rate system in early June as part of efforts to stop the rapid devaluation of the taka and save its foreign currency reserves, but the taka’s fall has continued with no sign of an end to the volatility in the international market.