Dhaka, Bangladesh (BBN) – The average exchange rate of the Bangladesh Taka (BDT against the US dollar fell drastically at customer level on Thursday, bankers said.
The average exchange rate of US dollar came down to BDT 82.1708 for bills for collection (BC) on the day from BDT 83.6683 of the previous day, according to the statistics of the Bangladesh Foreign Exchange Dealers Association (BAFEDA).
Such falling trend came against the backdrop of imposed cap by the central bank on fixation of the exchange rates on the greenback at the customer level.
Under the new arrangement, the banks are allowed to fix their BC selling US dollar rates at inter-bank exchange rate plus BDT 2.0 to keep the overall foreign exchange market stable.
The Bangladesh Bank (BB) had imposed such cap on fixation of the US dollar rate at customer level to ensure stability in the country’s foreign exchange market.
Recently, at least three foreign commercial banks (FCBs) had quoted nearly BDT 85 to their customers for making import payment obligations.
Lower supply of the greenback in the market pushed up the demand for the US currency in Bangladesh in the recent months, a senior treasury official of a leading private commercial bank explained.
He also said the value of the local currency vis-à-vis the greenback is dependent on the demand for settling import payments and the availability of the latter from exports and inward remittances.