• Financial

Again the price of dollar increased, money lost value

  • Financial
  • 13 June, 2022 10:14:36

Photo: Collected

News Desk: Due to high demand in the free market system, the price of dollar has been rising for several months. Last Tuesday (June 6), Bangladesh Bank sold the dollar at a maximum of 92 rupees. Exactly one day later, on Wednesday (June 6), the dollar suddenly fell by 50 rupees to 91 rupees 50 paise per dollar.

Exactly three days later, the dollar rose 50 paise again. On Sunday (June 12), the central bank is selling at ঃ 92 per dollar in the interbank market. This information is known from the website of Bangladesh Bank.

A senior official of Bangladesh Bank said that after Corona, the import cost has increased at a higher rate. Demand for the dollar has increased in the market due to higher imports as compared to exports. Bangladesh Bank is selling dollars to meet the market demand.

Last Tuesday (June 6), the dollar increased by 5 paise to 92 rupees in Bangladesh Bank. With this, the value of money decreased three times against the dollar in two days. With this, the value of money has decreased by 5 rupees 5 paise against the dollar in one month. Money has lost at least 10 times against the dollar this year.

On June 2, the central bank set the price at 69.90 paise per US dollar, up from 69 rupees earlier. Later, the central bank moved away from the dollar fixed price. Bangladesh Bank left the pricing to the banks.

According to the market analysis, from July 2020 to August last year, the dollar was stable at 74.80 paise in the interbank currency market. But since then the dollar crisis has begun to pay off large import costs, which have continued to this day.

At the beginning of August 2021, the value of each dollar in the interbank market was the same. On August 22 last year, for the first time, it went up to Tk 75 by increasing by one or two paise from August 3. On January 9 this year, it increased to 6 rupees. After that, the rate was fixed till March 22.

Later on March 23, it increased by 20 paise at the interbank market and stood at 7 rupees 20 paise. On April 26, it increased by another 25 paise to Tk 8 45 paise. May 10 increases another 25 paise. May 18 increases by 60 paise. May 23 increases by 40 paise.

On May 29, the dollar was set at Rs 79 per dollar in the interbank market. Even then the market was not stable. The Bangladesh Foreign Exchange Dealers Association (BAFEDA) and the Association of Bankers of Bangladesh (ABB), an organization of top officials of the bank, on Sunday (May 29) tied the dollar to Tk 69 in the interbank currency market on Sunday (May 29) in response to the demand.

The selling rate for sale to importers is fixed at Tk 69.15. However, the banks offered an exchange rate of Tk 69.80 per dollar in interbank transactions.

However, as the market was not stable, last Tuesday it was increased by 2 taka 5 paise to 92 taka, which was the highest price ever. A day later today (Sunday) the Bangladesh Bank fixed the dollar price at Tk 92 paise, down 50 paise. Commercial banks are trading between Rs 92 and Rs 93. In the open market, the price of one dollar is kept at 98 to 99 rupees.

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