The exchange rate of US dollar against the local currency in the open market, known as kerb market, increased recently ahead of the holy Ramadan, traders said.
The US currency reached its maximum rate at Tk 80.00 Sunday as the demand for the greenback increased significantly to meet higher requirement of a section of traders, who normally bring different luxurious items from different countries, they added.
They also said the rate of US dollar normally increases in the kerb markets when substantial illegal transactions like smuggling and under- and over-invoicing take place.
"The exchange rate of US dollar may rise further in the coming days because of lower inflow of greenback than outflow," a senior currency trader told the FE.
The trader group is now active to purchase various luxurious items from abroad to ensure adequate supply of the items in the local market ahead of the Eid festival, he explained.
The greenback was sold at around Tk 80.00 in the kerb market on the day while the buying rate was Tk 79.80.
"We've sold the US currency at Tk 78 nearly two months ago," the trader noted.
The US dollar sold in the kerb market Sunday at a level which was higher by Tk 1.50 than what was offered by the state-owned banks.
In the formal market, most of the state-owned banks were selling the greenback at Tk 78.50 and buying at Tk 77.50 on the day, a treasury official of a commercial bank said.
He also said most private and foreign commercial banks offer higher rates for the greenback than that of the state-owned banks.
The Bangladesh Bank (BB) is closely monitoring the market situation but it cannot intervene directly in the kerb market.
"We've been informed about the higher rates of the greenback in the kerb market," a BB senior official told the FE, adding that the BB remains watchful.
He also advised the interested buyers of the foreign currency to purchase the US dollar from the banks with lower rate instead of kerb market.
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