Taka weakens further to Tk122.70 per dollar amid Mideast war tensions
The sudden rise in the dollar price has raised concerns about further inflationary pressure.
The taka weakened further against the dollar today (9 March), for the second day in a row, as the exchange rate increased to a maximum of Tk122.70 per dollar from Tk122.55 yesterday (8 March) due to rising tensions over the escalating Middle East war.
Bangladesh Bank also allowed banks to trade dollars at the higher rate, as rising demand for paying energy bills put pressure on the foreign exchange market, according to market insiders.
Earlier yesterday, the dollar rose by as much as Tk0.25 in a single day to trade between Tk122.50 and Tk122.55, compared with Tk122.30 on the last working day on Thursday, according to banking sources.
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Though the dollar price keeps rising, Bangladesh Bank did not sell dollars and kept its dollar purchases suspended.
Meanwhile, foreign exchange reserves dipped below $30 billion yesterday after the payment of $1.37 billion in bills to the Asian Clearing Union (ACU).
The sudden rise in the dollar price has raised concerns about further inflationary pressure.
Consumer inflation already climbed above 9% in February, the highest level in the past 10 months.
