US dollar gets expensive

Banks increased the US dollar rate for remittances, export earnings, and import payments by Tk 0.50 today.

During a virtual meeting, the Bangladesh Foreign Exchange Dealers‍‍` Association (Bafeda) and the Association of Bankers‍‍` Bangladesh (ABB) raised the rate.

They have agreed to buy the US dollar at Tk 110 and sell them at Tk 110.50 from Monday.

As a result, remitters and exporters will receive Tk 110 per dollar, while banks will charge importers Tk 110.50.

The interbank exchange rate is now Tk 110.50, up from Tk 85.8 in January of previous year.

For the past year and a half, the US dollar has gained against the taka as Bangladesh‍‍`s foreign exchange reserves have depleted, owing to rising import costs offset by lower-than-expected remittance and export receipts.