Dollar Taka News Today

Crop protection chemical sellers in Bangladesh are facing difficulty in opening letters of credit amid banks' lack of interest owing to the crunch of the US dollar.

Bangladesh Bank has sold US dollar at Tk 101 each to banks for the first time, giving indication that it is likely to devalue the local currency to reflect the market reality.

The finance costs have at least doubled for the firms that have taken on dollar-denominated loans from external sources owing to the depreciation of the Bangladeshi taka against the American greenback. 

The US dollar is currently one of the most talked about issues.  

Profits of most multinational companies listed in Bangladesh dropped in the first half of 2022 due to the depreciation of the local currency and higher consumer prices. 

A falling local currency usually translates into higher earnings for exporters since their products become more competitive in the global markets. 

Foreign Minister AK Abdul Momen today told parliament that the increased purchase price of oil and LNG is putting a negative impact on foreign exchange reserves.

Dollar exchange rate: The local currency yesterday depreciated further against the US dollar, hitting Tk 92 for each greenback in the interbank platform. The exchange rate of the taka stood at Tk 91.5 per dollar on Monday after facing a depreciation of Tk 0.45.

The Bangladesh Bank today depreciated taka by 1.25 per cent to Tk 89 per US dollar hours after banks suggested depreciating the local currency by Tk 2.

Over the past year, the value of taka depreciated 3.18% against the US dollar. It is 8.56 percent in India, 30.7 percent in Pakistan and 79.82 percent in Sri Lanka. Depreciation of Maldives currency is a bit less than Bangladesh.