The Bangladeshi Taka (BDT) continued its slide against the US dollar (US$) on Tuesday, with the international currency hitting an all-time high of Tk 112 each in the kerb (open) market.
According to the money exchange traders in the city, the local currency lost approximately 5.0 per cent or Tk 5.0 on a day-on-day basis.
"We sold dollars at Tk 112 each on Tuesday," said Money Changers' Association of Bangladesh president A K M Ismail Haq.
He said the demand side (of dollars) was very strong on the day, while the supply side was poor.
"Not a single customer came on the day to sell dollars, but there were a large number of customers to buy the currency," he added.
Traders in the kerb market, an open market where people sell and buy cash dollars, said the dollar price had been increasing sharply in the last couple of weeks. Traders usually purchase dollars from individuals and exchange houses.
Commoners purchased dollars at rates below Tk 100 each before the Eid-ul-Azha.
However, banks traded the dollar with their counterparts quoting Tk 94.70, up from Tk 94.45 - fixed on July 21.
On July 26 last year, the greenback was traded at Tk 84.80. So, there has been an 11.67 per cent loss in the value of the local currency in a year.
The local currency has been losing its value mainly because of uncontrolled rise in import and low inflow of foreign remittance.
jasimharoon@yahoo.com