Dollar traded between Tk 107.90 and Tk 108.00 a day after highest rise

Banks traded a dollar between Tk 107.90 and Tk 108.00 on Tuesday (May 23), according to Bangladesh Bank website.

UNB report said the interbank price of a dollar had reached Tk 108.75 on Monday, which was the highest rate in the country’s history. The lowest exchange rate on that day was Tk 108.50.

The interbank exchange rate, at which one bank sells dollars to another bank, increased almost every working day this month. The rate was Tk 106.80 for a dollar in the interbank platform on May 1.

Bangladesh’s domestic currency is facing depreciation for the last year due to higher import payments and slower export earnings and remittance inflow.

In the first nine months of 2022-23, import bills dropped 12.33 per cent year-on-year to $53.93 billion.

As a result, the trade deficit, which occurs when a country's imports exceed its exports, declined 41.6 per cent year-on-year to $14.61 billion in July-March.