The US dollar strengthened against the Bangladeshi taka on Thursday, the final working day of the week, with the average exchange rate reaching Tk 124.75, according to data released by Bangladesh Bank.
The central bank's latest figures show that most major foreign currencies declined in value against the taka. The list includes the euro, British pound, Australian dollar and Singapore dollar. The Japanese yen remained unchanged, while the Indian rupee and Chinese yuan appreciated.
Market Overview
Foreign currency rates have been fluctuating for several months due to multiple factors, including the ongoing Middle East crisis. Currencies are typically sold at slightly higher rates in the open market compared to the rates published by the central bank. The fluctuation in exchange rates directly impacts the cost of trade and commerce in the country, according to market observers.Based on the central bank's data, transactions are being conducted based on supply and demand dynamics. Remittance inflows, the import-export balance, and international market conditions are also influencing the current exchange rates.
