Dollar gains Tk0.33 in a single day amid increased demand
Yesterday, the interbank exchange rate stood at Tk122.06, marking a 56-poisha increase over the past week.
The exchange rate of the US dollar has reached Tk122.40, gaining Tk0.33 in a single day today (23 October), according to Bangladesh Bank data.
Yesterday, the interbank exchange rate stood at Tk122.06, marking a 56-poisha increase over the past week.
The interbank rates were Tk121.95 on Tuesday, Tk121.90 on Monday, Tk121.87 on Sunday, and Tk121.84 on last Thursday (16 October).
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A treasury head at a private bank told The Business Standard that the rise is mainly due to the Bangladesh Bank purchasing dollars from commercial banks via auction.
"During these auctions, banks sold dollars to the central bank, but ongoing payments and lower remittances toward the end of October have slightly increased demand, pushing the rate higher," the official said.
The official added that the Tk121.80 auction rate sends a signal that the dollar should trade above this level.
Since July, the central bank has purchased over $2 billion from commercial banks to prevent a decline in the dollar rate.
Meanwhile, Letter of Credit (LC) openings in September totalled $6.3 billion, a 17.29% increase from August's $5.38 billion, according to Bangladesh Bank's monthly economic indicators report.
While this growth has spurred import activity after eight months, it remains below January 2025's $6.84 billion level.
