Taka loses 25 paisa against dollar

The exchange rate of Bangladesh taka (BDT) again dropped against the US dollar (US$).

The local currency lost its value by 25 paisa in the inter-bank foreign exchange (forex) market on Tuesday (May 10).

The interbank exchange rate was raised by Tk0.25 to Tk86.70 per dollar. Earlier, US currency was quoted at Tk 86.45 each, central bank sources said.

On the other hand, some traders traded the US currency at more than Tk 92 to 93. However, the rate was Tk90 to 91 yesterday. Thus the rate of dollars is increasing.

Bankers said that the demand for the US currency increased mainly due to higher prices of imported items. Whereas, the central bank is selling dollars against demand to banks to keep the market stable. As a result, the foreign reserve is decreasing.

Bangladesh Bank Executive Director and spokesperson Sirajul Islam said, the rate of dollar is increasing due to sudden demand. The central bank has increased the value of the dollar considering the overall market situation.