The Indian rupee depreciated by 60 paisa against the US dollar on Monday. In line with this, the central bank of the country has also reduced the value of the Bangladeshi taka against the US dollar. On that day, Bangladesh Bank increased the exchange rate by 25 paisa per dollar and fixed it from 6 rupees to 80 paisa. The Reserve Bank of India (RBI) has also increased the rupee by 60 paisa to 7.8 against the dollar. Bangladesh’s exporters and expatriates will benefit from the reduction in the value of the local currency. However, it will increase the cost for importers.

The price of money in Bangladesh has been declining lately. On the other hand, in neighboring India, prices are constantly fluctuating.

A concerned official of the Bangladesh Bank said that there is a huge demand to buy dollars from banks. Apart from this, the value of the Bangladeshi taka has also been reduced by devaluing the rupee in India.At the beginning of January, the central bank of Bangladesh increased the exchange rate of the dollar by 20 paisa to 7 rupees. And on March 23 it was again increased by 20 paisa to 8 rupees 20 paise. Then on 26th April, it was increased by 25 paisa to 7 rupees 45 paisa. Last Monday, it was increased by 25 paise again. Bangladesh Bank is constantly selling dollars from foreign exchange reserves. And if the demand for the dollar is high, the price is gradually increasing. Thus the central bank is controlling the market. However, economists are in favor of leaving the dollar price to supply and demand.
Bankers say that due to Eid, expatriate income has come to the country at a significant rate. However, with the way in which the cost of imports has increased, it is not possible to cover that cost with the dollars coming from expatriate income and export income. As a result, the country’s currency market is now volatile with the dollar.
Bankers say the dollar crisis is showing no signs of abating soon. This crisis is affecting the foreign exchange reserves deposited in the central bank. Besides, there has been a cash crunch in the banking system. Because Bangladesh Bank is withdrawing money from the bank by selling dollars. This is also creating a current account deficit. Economists say the way Bangladesh Bank has kept the dollar in check is creating inconsistencies with other countries. Exporters are getting lower prices. Expatriates are also looking for illegal channels to send income.