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The Bangladesh Taka (BDT) has further depreciated significantly against the US dollar mainly due to higher demand for the greenback for settling import-payment obligations.
The local currency lost its value by 50 paisa on the inter-bank foreign-exchange (forex) market on Thursday under import-payment pressure, according to market operators.
The US currency was quoted at Tk 94.45 on the day against Tk 93.95 on the previous working day.
In the meantime, the local currency lost its value by Tk 8.65 or more than 10 per cent since January 2022. The dollar traded at Tk 85.80 on January 08 last.
The same day, the exchange rate of the taka also depreciated similarly against the greenback at customers' level for settling import payments.
The US dollar was quoted at a maximum of Tk 94.50 for the sale of bills for collection, generally known as BC, on the day against Tk 94.00 of the previous level.
Some banks, however, traded the greenback ranging between Tk 94.50 and Tk 103 to their customers for settling import payment obligations ignoring their announced rates, according to market operators.
On the other hand, the banks also quoted the dollar at maximum at Tk 93.50 on the day to remitters as well as realised export proceeds or telegraphic transfer (TT) clean of their funds against Tk 93.00 of the previous working day.
They also said cash dollar also traded at maximum Tk 103 on the day at the open market, commonly known as kerb market.
Actually, the local currency is maintaining a depreciating trend - mainly due to higher outflow of foreign exchange - following a hefty growth in import payments amid global price rises, compared to the inflow in the last few months.
However, the central bank continued providing its foreign-currency support to the scheduled banks for managing the forex- market volatility.
It sold $70 million directly to three state-owned commercial banks on Thursday to help them meet the growing demand for the greenback.
Earlier on Wednesday, the central bank sold $15 million to a bank on the same ground.
The BB has so far injected $808 million from the reserves directly into commercial banks - as liquidity support for settling their import-payment obligations-in the current fiscal year (FY), 2022-23.
In FY'22, the central bank sold $7.62 billion from the reserves to the banks for the same purposes.
Bangladesh's forex reserves came down to $39.67 billion on Thursday from $39.68 billion of the previous day - following higher sales of the greenback from the reserves.