Taka falls against USD once again | The Daily Star
Skip to main content
T
Tuesday, September 26, 2023
The Daily Star
E-paper Today's News বাংলা
  • Home
  • News
    • Bangladesh
      • Investigative Stories
    • Investigative Stories
    • Asia
    • World
  • Opinion
  • Health
  • Sports
  • Business
  • Entertainment
  • Culture
  • Life & Living
  • Youth
  • Tech & Startup
  • Multimedia
  • Feature
    • Lifestyle
    • Rising Star
    • Showbiz
    • My Dhaka
    • Satireday
    • Campus
    • Toggle
    • Star Literature
    • In Focus
    • Star Youth
    • Shift
    • Daily Star Books
    • Roundtables
    • Star Holiday
    • weekend read
  • More
    • Environment
    • NRB
    • Supplements
    • Law & Our Rights
  • E-paper
  • বাংলা
Search Epaper T
  • Today's News
  • Home
  • News
    • Bangladesh
    • Investigative Stories
    • Asia
    • World
  • Opinion
  • Health
  • Sports
  • Business
  • Entertainment
  • Culture
  • Life & Living
  • Youth
  • Tech & Startup
  • Multimedia
  • Feature
    • Lifestyle
    • Rising Star
    • Showbiz
    • My Dhaka
    • Satireday
    • Campus
    • Toggle
    • Star Literature
    • In Focus
    • Star Youth
    • Shift
    • Daily Star Books
    • Roundtables
    • Star Holiday
    • weekend read
  • More
    • Environment
    • NRB
    • Supplements
    • Law & Our Rights

  • About Us
  • Contact Us
  • Apps
  • Comment Policy
  • RSS
  • Sitemap
  • Advertisement
  • Newsletter
  • Privacy Policy
  • Conference Hall
  • Archives
Economy
AKM Zamir Uddin
Tue Sep 13, 2022 08:50 AM
Last update on: Tue Sep 13, 2022 03:39 PM

Most Viewed

  • US dollar gets costlier

  • Forex holdings in banks fall in August

  • Price capping a windfall for syndicates?

  • Dhaka Elevated Expressway: Toll collection tops Tk 5 crore in three weeks

Economy

Taka falls against USD once again

AKM Zamir Uddin
Tue Sep 13, 2022 08:50 AM Last update on: Tue Sep 13, 2022 03:39 PM
Taka falls against USD

The taka yesterday depreciated against the US dollar, hitting Tk 96 on the interbank platform as the central bank moved to allow the market forces to determine the exchange rate of the national currency.

This has been the first drop for the taka since August 8. It was Tk 95 on Sunday. This means the local currency has lost its value by 12.67 per cent in the last one year.

For all latest news, follow The Daily Star's Google News channel.

The Bangladesh Bank sold $65 million to banks at the new rate yesterday.

Read more

Banks finally fix uniform rates for dollar

A central banker, on the condition of anonymity, says the latest depreciation was a step toward adjusting the exchange rate based on the demand and supply of dollars.

On September 8, the central bank held a meeting with banks where it decided that it would let the market to fix the rate.

This prompted the Association of Bankers, Bangladesh (ABB), a platform of managing directors of banks, and the Bangladesh Foreign Exchange Dealers' Association (Bafeda), a platform of banks, to set a uniform rate of the American greenback on Sunday. The rates came into effect yesterday.

dollar loan repayment
Read more

Dollar loan repayment gets costlier as taka slides

Now, banks will be able to offer a maximum of Tk 108 for a USD for the remittances coming through exchange houses.

Remitters, who send money directly to banks, as well as exporters, will get Tk 99 for each dollar.

Importers will buy the greenback to clear payments based on the weighted average rate, which will be calculated on the basis of the buying rates. Another Tk 1 will be added to the average rate as the spread.

The Bafeda yesterday set the weighted average rate at Tk 103.43 for each dollar.

The inter-bank rate, a rate at which banks buy and sell dollars with each other, will be fixed on the weighted average rate.

Yesterday, several banks bought and sold dollars on the inter-bank platform at Tk 103 to Tk 106, said a managing director of a bank.

The BB usually buys and sells dollars at the inter-bank rate.

Allowing the market forces to fix the dollar rate means the central bank is losing its grip on the exchange rate in order to make the inter-bank rate vibrant, said another BB official.

In the past, the BB used to instruct banks verbally to fix the inter-bank dollar price.

Bangladesh's forex market has been facing a volatile situation since the Russia-Ukraine war has begun as import payments rocketed.

The foreign exchange reserves slipped below $38 billion last week, versus more than $46 billion a year ago.

The central bank is pumping dollars into the market on a regular basis with a view to helping importers clear bills.

It has injected $2.82 billion so far in the current financial year, after supplying a record $7.62 billion in the last financial year, which ended in June.

"The foreign exchange market will become stable within a couple of days as all banks are now following the new rates," said Syed Mahbubur Rahman, managing director of Mutual Trust Bank.

"It is a good thing that the inter-bank forex platform was activated in a full-fledged manner yesterday."

Related topic:
Taka falls against USDtaka depreciates furthertaka prices fall againforeign exchange ratedollar exchange rate
Apple Google
Click to comment

Comments

Comments Policy

Related News

Forex market volatility

Forex market volatility deepens

Dollar Rate in Bangladesh

Dollar edges higher as traders await US inflation report

Dollar exchange rate: Taka loses further ground vs dollar

Taka loses further ground vs dollar

Taka falls again, 1 USD now Tk 92.5

Dollar exchange rate

Taka falls for 11th time, 1 USD now Tk 92

Tamim Iqbal
|ক্রিকেট

বিশ্বকাপ দলে তামিম নেই, আছেন মাহমুদউল্লাহ

শেষ পর্যন্ত তাই তামিম ইকবাল না নিয়েই ভারত বিশ্বকাপ খেলতে যাচ্ছে বাংলাদেশ দল।

২ ঘণ্টা আগে
|রাজনীতি

যুক্তরাষ্ট্রের ভিসা নীতি স্বাধীন গণমাধ্যমের ওপর হস্তক্ষেপের শামিল: তথ্যমন্ত্রী

৪২ মিনিট আগে
Please Click on allow
The Daily Star
Journalism without fear or favour
  • About Us
  • Contact Us
  • Apps
  • Comment Policy
  • RSS
  • Sitemap
  • Advertisement
  • Newsletter
  • Privacy Policy
  • Conference Hall
  • Archives
© 2023 thedailystar.net | Powered by: RSI LAB
Copyright: Any unauthorized use or reproduction of The Daily Star content for commercial purposes is strictly prohibited and constitutes copyright infringement liable to legal action.
X