Dhaka, Bangladesh (BBN)– The exchange rate of Bangladesh Taka (BDT) has depreciated slightly against the US dollar (US$), despite the central bank’s support with foreign currency to the commercial banks.
The local currency depreciated by two paisa on the day mainly due to higher demand for the greenback to settle import payment obligations, according to market operators.
The US dollar was quoted at BDT 82.96 each in the inter-bank foreign exchange market on Monday against BDT 82.94 of the previous working day.
The Bangladesh Bank (BB) sold US$18 million directly to seven banks on the day o meet the growing demand for the greenback in the market.
Earlier on February 15, the exchange rate of BDT depreciated by two paisa against the US dollar on the same ground.
The US dollar was quoted at BDT 82.94 each in the inter-bank foreign exchange market on the day against BDT 82.92 of the previous working day.
The depreciating mode of BDT against the greenback continued in the recent months mainly due to higher import payment obligations particularly for food gains, fuel oils and capital machinery, they explained.
The BDT depreciated by 5.08 per cent against the US dollar in 2017 mainly due to higher demand for the greenback for settling import payment obligations.
The US dollar was quoted at BDT 82.70 in the inter-bank forex market on December 28, the last working day of 2017 against BDT 78.70 on December 29, 2016, the last working day of the year.