Dollar hits all-time high in kerb market

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FE Team | Published: December 15, 2011 00:00:00 | Updated: February 01, 2018 00:00:00

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FE Report The exchange rate of the US dollar in the open market, known as kerb market, hit all-time high at Tk 81.50 Wednesday, sources at the money exchange offices in the capital city told the FE. The US currency reached its record high on the day, causing frustration among the travellers, mainly 'outbound patients'. Tofazzal Hossain Chunnu, managing director of SMT Money Exchange, told the FE, "We've sold one dollar at Tk 81.50 Wednesday." Mr Chunnu, also general secretary of Bangladesh Money Exchange Association, said: "We've bought dollars at Tk 81.40 on the day." The demand for the greenback increased substantially to meet the growing requirements of foreign tours by business people and patients, currency traders said. "The flow of cash dollars to the open market is being affected due to supply-side constraints," a currency trader told the FE. Besides, the tough anti-money laundering act has been discouraging the expatriate Bangladeshis from sending their hard-earned money through the illegal 'hundi' channel, he added. The exchange rate of the greenback was Tk 81.30 Tuesday. The US dollar sold in the kerb market on the day at a level higher by nearly Tk 4.0 than that offered by the state-owned banks. The country's overall imports will be costlier than before because of the appreciation of the US dollar against Bangladesh Taka (BDT). But exporters and remitters will be benefited, an official at a commercial bank said. The exchange rate of the US dollar may go up further today (Thursday), leading to more depreciation of Taka if the current situation lingers on, in the market. There are more than 200 money exchange traders in the country. It is estimated that more than 1.0 million dollars are exchanged a day across the country.