Taka falls further, 1 USD now Tk 95

The Bangladeshi taka has depreciated further against the US dollar, hitting Tk 95 on the interbank platform today.

The exchange rate stood at Tk 95 for a dollar on Monday before falling by Tk 0.30 to Tk 94.7 on Sunday.

This means the local currency depreciated 12.02 per cent in the platform in the last one year.

The local currency today also lost its value against the greenback sharply in the open market as the commoners had to pay up to Tk 115.50 for each greenback, up from Tk 112 on Sunday.

The escalation of import payments against the lower export earnings have created the volatility in the foreign exchange market in recent months.

Import payments amounted to $82.49 billion in FY22, up 36 per cent year-on-year, while export earnings grew 33.45 per cent to $49.24 billion.

In addition, the amount of remittance also came down 15 per cent to $21.03 billion in the last fiscal year.

This has created dollar shortage in the market, sending the foreign exchange market in an instable situation.