Dollar tops Tk 128 in open market

The US dollar has crossed Tk 128 in Bangladesh’s open market as rising demand for foreign currency and higher import costs put further pressure on the taka.

According to Bangladesh Bank data, the interbank exchange rate rose to Tk 124.22 per dollar on Thursday (October 29), while the spot-market rate stood at Tk 124.35–124.50. The spot rate was Tk 123.50 just 15 days earlier.

Commercial banks were charging Tk 124.21 per dollar for international trade payments and letters of credit (LCs), up from Tk 123.11 at the beginning of the month.

Market insiders attributed the rising demand to higher global fuel prices, increased import costs and geopolitical tensions in the Middle East. Import payments for fuel, fertiliser and other goods have added pressure on the foreign exchange market.

Money exchangers in Motijheel, Dhaka, said the dollar was being sold at Tk 128–128.20 on Thursday, while customers selling dollars received Tk 127.70–127.80. A month earlier, the open-market rate ranged between Tk 125.50 and Tk 126.20.