Dhaka, Bangladesh (BBN)– Bangladesh Taka (BDT) depreciated by 2.38 percent against the US dollar at customer level to open letters of credit (LCs) against import this month following increased demand for the greenback to settle outstanding import bills by the commercial banks.
The local currency depreciated by 2.38 percent against the US dollar at the customer level to open LCs against import in the current month while the BDT lost its value by 1.90 percent against the US currency in the inter-bank foreign exchange market.
The average exchange rate of US dollar rose to BDT 80.4923 for bills for collection (BC) on December 8 last from BDT 78.6211 on December 01, according to the statistics of Bangladesh Foreign Exchange Dealers Association (BAFEDA).
On the other hand, the US dollar was quoted at BDT 78.20-BDT 78.60 in the inter-bank foreign exchange market on December 8 last against BDT 76.92-Tk 76.95 on December 01 last, according to the central bank statistics.
“It’s a massive depreciation of the local currency against the US dollar in a single day after introducing floating exchange rate (FER) in 2003,” a senior treasury official of a leading private commercial bank earlier told BBN in Dhaka.
The treasury official also said such depreciation of the BDT will facilitate the country’s export businesses as well as encourage Bangladeshi nationals working abroad for remitting their hard earnings.
BBN/SSR/AD-11Dec11-2:39 am (BST)
