Dollar price decreases by Tk1 in kerb market
The price of dollar has decreased by Tk1 with the US currency being traded for Tk97.50 in the kerb market today.
On Wednesday (25 May), the price of the dollar was Tk98.50.
The price of Saudi riyal, the demand for which increased due to the upcoming Hajj travels, has been static from Wednesday at Tk26.20 in the kerb market.
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However, the greenback exchange rate for interbank transactions remained static at Tk87.90
As demand for the dollar rose due to increased imports, the Bangladesh Bank started selling greenbacks, releasing $5.11 billion to banks till 12 May. In FY21, the central bank purchased around $8 billion from banks.
In the meantime, forex reserves are facing pressure because of a rise in imports in post-pandemic times and their higher payments caused by rising product prices in the international market.
The country's reserves, which reached $48 billion in August last year, dropped to $41.93 billion on 11 May.
In the July-March period of FY22, exports registered about 33% growth, but it could not hold back the trade balance that slid into a deficit of about $25 billion, which was 9% higher than that of the whole previous fiscal year.
