The American greenback was sold for as high as Tk 122.75 today, up from a high of Tk 122.30 last week
- Dollar climbs to Tk 122.75 amid higher import LC openings
- Interbank rate rises to Tk 122.25 from Tk 121.80
- Bangladesh Bank purchases $2.12b this fiscal year
- Banks accused of hiking rates to boost profit
The US dollar has been gaining against the Bangladeshi currency in recent days due to several factors, including an uptick in the opening of letters of credit (LCs) for imports.
For all latest news, follow The Daily Star’s Google News channel. Banks sold the dollar at a maximum rate of Tk 122.75 per dollar today, up from last week’s range of Tk 122 to Tk 122.30.
At Standard Chartered Bangladesh, the selling rate stood at Tk 122.75 per dollar, while the buying rate was Tk 121.75.
The selling rate at state-run Sonali Bank was Tk 122.60, and the buying rate was Tk 121.60.
Dhaka Bank sold the dollar at Tk 122.50 and bought it at Tk 121.15. The rates were lower last week.
The upward trend in the dollar rate has also pushed up the interbank exchange rate.
According to Bangladesh Bank data, the highest interbank exchange rate stood at Tk 122.25 per dollar today, up from Tk 122 a day earlier.
Until October 20, the interbank rate hovered around Tk 121.80.
A treasury head of a private commercial bank, seeking anonymity, said the dollar rate is increasing due to multiple reasons.
“The central bank is now purchasing the dollar at a higher rate, which has pushed up the market rate,” he said.
The Bangladesh Bank recently purchased $38 million from six banks at Tk 121.80 per dollar.
So far in the current fiscal year, the central bank’s total purchases have reached $2.12 billion, according to BB data.
The treasury head also said LC openings for imports have increased slightly, contributing to the higher exchange rate.
LC openings for imports stood at $6.3 billion in September, up from $5.38 billion in August, as per BB data.
Mohammad Ali, managing director of Pubali Bank, said the US dollar rate has risen slightly due to recent pressure from import payments, but the increase is not unusual.
“There is no demand-supply gap,” he said, adding that the supply of foreign currency remains adequate.
A senior official of a Chattogram-based top import-oriented conglomerate, seeking anonymity, said there is no valid reason for the dollar rate to increase, but banks have raised it.
He alleged that banks tend to hike the dollar rate in the last quarter of every year to boost profits.
In May this year, Bangladesh Bank introduced a market-based exchange rate regime as part of the conditions set by the International Monetary Fund (IMF).
Industry insiders had earlier feared a sharp rise in the exchange rate under the new system, but it had remained stable until recently.
