Dhaka, Bangladesh (BBN)– The central bank of Bangladesh purchased US$ 50 million more from five commercial banks on Tuesday aiming to help keep the inter-bank foreign exchange (forex) market stable.

“We’re purchasing the US dollars from the banks at market to protect the interest of the exporters and migrant workers by keeping the exchange rate of the local currency against the greenback stable,” a senior official at the Bangladesh Bank (BB) told BBN in Dhaka.

The US dollar was quoted at BDT 77.80 in the inter-bank forex market, unchanged from the previous level, market operators said.

The central banker also said the BB may continue purchasing the US dollar from the banks in line with the market requirement.

A total of $ 3.40 billion was bought from the commercial banks between July 2 and June 16 of the ongoing fiscal year as part of the BB’s intervention in the market, the BB data showed.

The country’s foreign exchange reserve rose to $ 24.42 billion on Tuesday from $ 24.31 billion of the previous day following the US dollar purchase.

BBN/SSR/AD