Interbank exchange rate in the money market increased to Tk 86.20 on Wednesday, due to huge import pressure after the Covid-19 pandemic situation eased, as well as a declining trend of remittance earnings.
The interbank exchange rate hit Tk 86.20 per dollar on the day for the first time, up from Tk 86 on the previous day, showed data from the central bank.
Bangladeshi Taka devalued further against the US dollar on Wednesday due to the US dollar shortage in the country’s banking sector and also the huge pressure of import payment.
Import payment increased 46.23 per cent to $46.67 billion during the July-Jan period of the current financial year, compared to the same period of the previous financial year.
Besides, the remittance earnings were also in a declining mood. Data showed that in the July-Feb period of FY22, the earnings stood at $13.44 billion, which was 19 per cent down from the same period of the previous financial year.
Bankers said, aside from the import pressure, the demand for the dollar is increasing because tours and travel is becoming normal as the Coronavirus pandemic has started easing up recently.
Central bank officials say there is nothing to fear. The required amount of dollars is pushing into the money market as the demand increases.