US dollar appreciates against Taka

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PV Desk : US dollar continues to gain strength against Bangladesh Taka (BTD) as the demand of the greenback has shot up due to a rise in the import of capital machineries and essential commodities, including food grains.

“Though the exchange rate was depreciating in the world market in the last few years, the Bangladeshi currency remained stable. In the last few days, Taka has slightly depreciated against US dollar but it will have no major impact on the financial sector,” Bangladesh Bank (BB) Executive Director Subhankar Saha told BSS here today.

Depreciation of Taka against US dollar means the exporters and remittance senders will be benefitted, Subhankar Shah added.

According to the BB data, the inter-bank exchange rate of the US dollar stood at Taka 81.60 on Wednesday, up from Taka 80.90 on November 1 this year and Tk 78.46 on November 1, 2016.

Talking to BSS, Managing Director of Mutual Trust Bank Limited (MTBL) Anis A Khan said settlement of Letter of Credit (LC) of different import items by banks has increased recently.

Due to the settlement of LCs, the demand of US dollar is increasing, he added.

“Export is not increasing like import. So, the demand of US dollar is on the rise. Another reason is that the inflow of remittances through illegal channel has declined,” said Khan. BSS