The exchange rate of US dollar in Dhaka’s money exchanges and local markets has risen to Tk 103.50-104 on Sunday.
The traders are unsure about the reason behind this sudden increase in price. Usually, when some parties collect huge sums of US dollars, it creates a shortage of the foreign currency and causes a rise in price.
The money changer companies have said that before and after Eid, US dollars were being sold at a rate of Tk100-102 per USD1. On Sunday, the price exceeded Tk 103.
Prior to and after Eid, there was both a lot of demand and supply of US dollars. Many had come from overseas to spend the Eid holidays in the country and that’s why the supply of the foreign currency rose.
On the other hand, many went to spend the Eid holiday overseas, which kept the demand for US dollars high.
Local markets and money changers usually buy US dollars from people who return to Bangladesh from overseas. This market has no connection with the bank exports and remittance.
Meanwhile, due to the price hike of import goods, the price of US dollars has also increased in the banking channel. Because, even though export has increased, the remittance flow has decreased.
Although, the price of one US dollar is Tk 94.45 according to the official exchange rate, in local markets the price has exceeded Tk 100.