Dollar price goes down by Tk2.50 in kerb market

On Sunday, the price of the dollar dropped by Tk2.50, with the US currency trading for Tk95 in the kerb market.

The dollar was valued at Tk97.50 on May 26 while the previous day's pricing was Tk98.50.

For the first time in Bangladesh, the exchange rate of the US dollar surpassed Tk100 on May 17.

Due to increased demand for the dollar as a result of higher imports, the Bangladesh Bank began selling dollars, releasing $5.11 billion to banks till May 12.

The central bank bought roughly $8 billion from banks in FY21.

Meanwhile, forex reserves are under strain due to an increase in imports in post-Covid times, as well as increased payments as a result of rising product prices on the international market.

The country's reserves plummeted from $48 billion in August of last year to $41.93 billion on May 11.

Exports increased by over 33% from July to March in FY22, but this was not enough to keep the trade balance from slipping into a deficit of about $25 billion, which was 9% greater than the previous fiscal year's total.