Dollar rate increases by Tk0.5 in kerb market

The price of dollars has increased by at least Tk0.5 in a day and stood at Tk97.50-98.20 in the kerb market today.

The rates were observed by visiting multiple money exchanges in Nayapaltan and Motijheel in the capital on Wednesday.

The dollar rate was Tk97 on Tuesday.

The money exchanges bought dollars at a rate of Tk96-96.40 on Tuesday which was increased to Tk96.50 to 97.20 on Wednesday.

A businessman at a money exchange told TBS, Bangladesh Bank is continuously devaluing Taka against the dollar. That is why the price of dollars has increased in the kerb market.

"Money exchanges operate inside the country [similar to Bangladesh Bank] so any step taken by the central bank also affects the money exchanges as well," he added.

People concerned said prices of all kinds of commodities on the international market were going up because of increasing demand all over the world in the wake of improvement in the Covid situation. On top of this, the onset of the Ukraine-Russia war in February caused a disruption in the global supply chain, causing shipment costs to go up. This led to an increased demand for the US dollar.

As a result, like in many countries in the world, the local currency of Bangladesh also started to lose value against the dollar.