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

The local currency today depreciated further against the US dollar, hitting Tk 92 against each green back in the interbank platform.

The exchange rate of the taka stood at Tk 91.5 per dollar on Monday after facing a depreciation of Tk 0.45.

The local currency suffered another dip of Tk 0.5 today.

The taka has so far depreciated 11 times this year.

The currency is facing depreciation as the supply of US dollars has narrowed owing to higher import bills against moderate export and remittance receipts.

As a result, many banks had faced the shortage of US dollars to settle import bills as the central bank fixed the exchange rate for them to buy remitted US dollars from foreign money exchanges.