Dollar gains to Tk122.70 due to high demand from oil importers

The US dollar continued to gain against the Bangladeshi taka in interbank market Monday for rising demand from oil importers, dealers of commercial banks said.

The greenback traded at Tk122.70 Monday compared Tk 122.55 Sunday importers under pressure to pay import bill against oil imports while dealers fear of slow remittance income days ahead due to Middle East tension- now escalating day by day. The central bank also allowed banks to trade dollars at the higher rate as demand surged, particularly to settle energy import bills, according to market insiders.

Dealers said the dollar had already started rising a day earlier. On Sunday, the greenback jumped by as much as Tk0.25 in a single day, trading between Tk122.50 and Tk122.55, compared with Tk122.30 on the last working day on Thursday.

The latest uptick comes as global uncertainties linked to the Middle East conflict increase concerns over energy supply and costs, prompting importers to secure more dollars for fuel payments.