Dealers had to pay as much as Tk 63.70 for a dollar in the inter-bank foreign currency market against Tk 63.47 on Tuesday and Tk 63.43 on Monday.

With the increasing trend, nationalised commercial banks (NCBs) also sold greenbacks at higher prices. The rate at Sonali Bank yesterday was TK 62 and at Agrani Bank Tk 63.50.

The NCBs, the holders of the government's huge foreign currency, on Tuesday crossed their Tk 61 per dollar level and settled a few deals at as high as Tk 63.25 per dollar with foreign banks.

The dollar on last Wednesday crossed Tk 63 level hitting all time high at 63.20 on an 'uneven demand' from importers while some banks faced lower remittance inflow.

The demand for the US dollar remains strong for a long time and the price sharply rose further as some corporate importers paid a substantial amount of dollar against their import of capital machinery and edible oil.

The country's foreign currency reserves fell to $3.04 billion at the end of January from $3.22 billion in December last year (2004). Forex reserves of the country stood at $2.59 billion in January, 2004.

The fall was due to settlement of accounts with Asian Clearing Union. Bangladesh usually pays about $200 million after every two months.

In recent days, foreign currency earnings of some commercial banks particularly private ones have reduced significantly.

Call money rates showed an upward trend ranging between six and 18 percent yesterday against 4.75 percent to 12.5 percent on Tuesday.