The local currency has maintained a depreciating mode against the US dollar in the past four consecutive working days following a free float of the greenback.
The Bangladesh taka (BDT) lost its value by five paisa in the inter-bank foreign-exchange (forex) market on Tuesday, according to market operators.
The US currency was quoted at Tk 92.00 each on the day against Tk 91.95 on the previous working day.
It was Tk 89.90 on June 02.
Actually, BDT depreciated by 3.37 per cent or Tk 3.00 on the inter-bank forex market during the period under review, they added.
It lost value by Tk 0.90, Tk 1.60, Tk 0.45 and Tk 0.05 against the greenback on June 02, 05, 06 and 07 respectively.
In the meantime, taka has lost its value by Tk 6.20 or 7.23 per cent since January 2022.
Dollar was traded at Tk 85.80 on January 08. Taka also depreciated similarly against the greenback at customer level for settling import payments on the same date.
On Tuesday, most banks quoted maximum Tk 93.00 for the sale of bills for collection, generally known as BC, for settling import payments against Monday's Tk 92.50.
It was Tk 92.00 on Sunday.
Market operators, however, say some banks are still quoting higher rates for both BC selling and overseas exchange houses bypassing their announced rates.
They have urged the central bank to look into the matter, giving priority to bring back stability in the forex market.
Meanwhile, the central bank continues its foreign-currency liquidity support in a bigger way to scheduled banks for managing volatility. It sold $129 million directly to five banks on Tuesday to help them meet the growing demand for the greenback.
On Monday, the central bank sold $130 million to seven banks on the same ground.
It has so far injected $6.47 billion from the reserves directly into commercial banks as liquidity support for settling their import-payment obligations in the current fiscal year (FY), 2021-22.
Bangladesh's forex reserves came down to $41.89 billion on Tuesday from $41.98 billion following higher sales of the greenback from the reserves.
BDT is maintaining a depreciating mode mainly due to higher outflow of foreign exchange following 'hefty growth' in import payments compared to the inflow in the last few months.
This mismatch has resulted in widening the current-account deficit in a macroeconomic imbalance that prompts the government to adopt some thrift measures and put baits on offer for netting foreign exchange to secure depleting reserves.
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