Saturday, 10 June, 2023

Dollar falls as supply rises before Eid

  • Staff Correspondent
  • 21 April, 2023 12:00 AM
  • Print news
Dollar falls as supply rises before Eid

The price of dollars dropped ahead of Eid-ul-Fitr as supply of the greenbacks against demand increased.
The demand for US dollars is also lower during the Eid festival season this year than the previous years, data showed.
Usually, the dollar price goes higher during the festival season as the holiday makers rush for foreign currencies to go abroad.
“The number of customers is not good. Today, the dollar price is Tk 112.5 per unit,” a salesperson of a money exchange in Uttara, Dhaka told Daily Sun on Thursday.
Two weeks ago, the money changers in the capital sold dollars at Tk 113.60 while dropping to Tk 112.60 on Wednesday.
The foreign currency reserves stood at $31.11 billion as of Tuesday as the Bangladeshi expatriates sent home $ 1.10 billion in the first 17 days of April ahead of the Eid festival.
Dollar sellers said that many expatriates came home on the occasion of Eid and brought foreign currencies.
“As a result, the supply of dollars is good this year. But the demand is low compared to other times. Some people are, however, buying cash dollars more than ever before,” said a dollar.
Last year, the price of the cash dollar in the open market in the Russia-Ukraine war country exceeded Tk 120 per unit of the green back.
 Later, Bangladesh Bank fixed the dollar price of the money changers and conducted raids at various money exchanges in the capital.
Money exchanges can now sell dollars at a price Tk 1.5 higher than the price at which banks sell cash dollars. However, many money changers do not follow the instructions.
Banks are now selling cash dollars at a maximum price of Tk 109. The price of dollars in Agrani, Janata and NRB banks was Tk 109 per unit while the City Bank sold at Tk 108 per unit on Tuesday, the last working day before Eid.
 Some foreign travelers are forced to collect dollars from money changers and open market traders. A Bangladeshi citizen can spend a maximum of 12 thousand dollars in cash or card a year outside the country, according to the Bangladesh Bank rules.
The central bank asked travelers to get the use of dollars approved in passports after checking in to reduce the cost of dollars. Besides, the amount of dollars spent also needs to be verified.