General

Greenback hits Tk 101 in kerb market

The price of the US dollar hit Tk101 in the kerb (open) market on Tuesday amid the volatile forex supply in the market.

On Tuesday, several businesses blamed that they cannot buy US dollars due to the higher price. On the other hand banks also sell per US dollar at Tk 92 to Tk 93 on the day.

However, the price of dollars in the kerb market has grown even more. The traders said that they are not able to get dollars outside the bank now.

“I had to pay Tk100.50 to Tk101 to buy one US dollar from the kerb market on Tuesday. On Monday, the dollar was sold at Tk97.20 and Tk 97.30,” Said Abdullah Al-Mamun, a trader of old Dhaka, who is involved in import trading.

He told UNB that due to increasing dollar prices every day, some people are stocking dollars, purchasing it from the kerb market, which is pushing the price of dollars in the open market.

On Tuesday, state owned Sonali, Janata, Agrani banks sold per US dollar at Tk 92 to Tk92.50 while the private sector Eastern Bank also sold at Tk 92.50.

Md Serajul Islam, Executive Director and spokesperson of Bangladesh Bank, said, “The open market economy now relies on market situation. Due to increased domestic consumption the import is under more pressure compared to export.”

In such a situation banks are unable to meet the growing demand of forex, this is why dollar price has increased a bit, he said.

The decline of COVID-19 cases was met with a global hike in prices of commodities as the Russia-Ukraine war caused the supply and delivery costs to go up.

As a result, the demand for dollars rose and the Bangladeshi taka, like many other currencies in the world, began losing value.

Source: United Nations of Bangladesh