Dollar rate reaches Tk124 in kerb market

Dollar 100 currency notes

Dhaka, July 30 (UNB)-The price of the US dollar rose to Tk124 in the kerb (open) market due to a shortage of foreign exchange in the legal channel.

Money exchangers and individual dollar traders have said the price has recently increased due to a decreased remittance flow in the legal channel.

On Tuesday (July 30), such information was known after searching various money changer houses in the Motijheel Dilkusha area of the capital.

The recent internet shutdown and curfew, centric student movement impacted regular remittance flow in the banking channel. As a result, the price of US dollar has increased by Tk 2 to 3 within a day. Now customers have to pay Tk124 to 124.4 to buy a dollar from the kerb market.

Last Sunday and Monday (July 28 and 29), the dollar was sold at Tk121 to 122 in the kerb market.

However, Bangladesh Bank (BB) sources said the expatriates sent around $1.85 billion remittances in to the country till July 29.

Since introduction of the 'crawling peg' on May 8 to restore stability in the foreign exchange market, the dollar rate increased by Tk7.0, and the interim rate was set at Tk117. As a result, the dollar rate remained stable at Tk 117 to Tk 118 for more than two months. Now it is starting to rise again.

Meanwhile, the central bank has given verbal instructions to bring remittances at higher prices to reduce pressure on reserves. - UNB