The Bangladesh Taka (BDT) depreciated further against the US dollar on Tuesday despite the central bank's intervention in the market through selling the greenback to the commercial banks.
The BDT depreciated by 0.03 per cent against the US dollar in a single day in the inter-bank foreign exchange (forex) market, following an increased demand for the greenback to settle import payments by the commercial banks.
The US dollar was quoted at Tk 77.72-Tk 77.77 in the forex market on the day against Tk 77.72 in the previous working day, according to the market operators.
On the other hand, the rate of greenback for BC (bills for collection) selling at customer level came down to maximum Tk 79.10 Tuesday from Tk 79.20 in the previous day.
"The rates may fall further today (Wednesday)," a senior treasury official of a commercial bank hinted.
However, the central bank has continued its foreign exchange support through selling the US dollar directly to the banks for settlement of import payment obligations.
As part of the operation, the Bangladesh Bank (BB) sold US$20 million more at market rate to two commercial banks on Tuesday to meet the growing demand for the greenback.
On Monday, BB similarly sold $45 million to three commercial banks directly on the same ground.
Earlier, on November 24, the central bank resumed intervention in the foreign exchange market through selling the US dollar to the commercial banks directly, after nearly two and a half years, to keep the market stable.
Under the move, BB has so far sold $135 million to the commercial banks to meet the growing demand for the greenback.
The demand picked up recently mainly due to higher import payment pressures, particularly for petroleum products, fertilisers, capital machinery and scrap-vessels, according to the bankers.
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