Dhaka, Bangladesh (BBN) – The Bangladesh Taka (BDT) continued to depreciate against the US dollar throughout the week due mainly to higher demand for the US currency to settle outstanding import bills by the commercial banks.

“Sustained demand from commercial banks led the USD/BDT rates go up nearly BDT 1.59 per USD over the week,” a senior treasury official of a foreign commercial bank told BBN in Dhaka on Friday.

He also said USD/BDT started the week trading at 77.01 level and broke the 78.00 level on Thursday.

USD/BDT finished the week trading between 78.20 to 78.60 ranges, the treasury official added.

“It’s a market correction,” another treasury official of a leading private commercial bank said, adding that it is necessary to remove any irrational discrepancy between the inter-bank foreign exchange market rate and that is applicable at the customer level.

The average exchange rate of US dollar rose to BDT 80.4923 for bills for collection (BC) to open letters of credit (LCs) against import at the customer level on Thursday from BDT 80.1578 on the previous day, according to the statistics of Bangladesh Foreign Exchange Dealers Association (BAFEDA).

BBN/SSR/AD-09Dec11-1:50 pm (BST)