Instability in dollar market

The dollar market has been instability for some days. As the days go on, the value of dollar against Taka is increasing.

The dollar was traded at a high of Tk 90.20 on Sunday (October 24). However, transactions are taking place below Tk 90 in the inter-bank money market.

Rukon Siddiqui of Motijheel Pioneer Money Exchange told risingbd that the dollar was sold at a maximum of Tk 90.20 on Sunday. They had purchased at Tk 89.90.

He said the export income has decreased a lot due to the coronavirus epidemic. On the contrary, import expenditure has increased. As a result, the dollar price has been rising sharply since last month.

When talked to the bankers, they said that the amount of remittances sent by expatriates has been declining since the beginning of the current fiscal year which continued last month.

On the other hand, export earnings have also declined. On the contrary, import costs have increased. There has been a shortage of foreign exchange. As a result, it is contributing to the rise in the value of the dollar against Taka. So, the stable dollar market has become volatile, they said.

According to the latest data, the exchange rate of the dollar was at Tk 85.70 in the inter-bank market on Sunday. The dollar was traded at Tk 89.90 to Tk 90.20 on open market and cash prices.

When talked at several money exchanges in Dilkusha and Paltan areas of the capital, it was learned that the dollar has been trading at Tk 88-89 in the open market for some time. The dollar price rose sharply in the open market in late of the week that reached Tk 90 last Thursday. On Sunday, the dollar was bought at Tk 89.80 to Tk 89.90 and sold at Tk 90.10 to Tk 90.20.