US Dollar Hits Tk100 in Kerb Market

With the continued devaluation of taka, US dollar exchange rate in the kerb market hit Tk 100 on Tuesday, which is an all time high, reports media.

The hike came mainly due to the current volatile situation in the foreign exchange market created by the growing import payment.

On Tuesday, money exchangers in the capital were selling Tk 102 per US dollar, up from Tk 98 a day ago.

Generally, travellers buy US dollars from the kerb market or open market.

Earlier on Monday, Bangladesh Bank devalued the local currency against the US dollar as the soaring import payments have created an acute shortage of the greenback in the banking sector.

The central bank devalued the taka by 80 paisa against the US dollar, the highest depreciation of the local currency in a single day.

After the devaluation, the inter-bank exchange rate stood at Tk 87.50 per USD, up from Tk 86.70 the previous working day.

The US dollar was quoted on the day at a maximum of Tk 87.60 per bill for collection, or BC, compared Tk 86.75 at the previous level.

Importers, on the other hand, are spending as much as Tk 94 to Tk 96 per dollar to pay import bills.

Money exchangers also said that the kerb market rate for the dollar was greater than the official rate.

In last 20 days, the value of taka fell by Tk 1.30 against the dollar in three phases.

The Bangladesh Bank has so far depreciated the taka five times this year.