Taka Strengthens Against Dollar After 5.5-Year Depreciation Streak

The Bangladeshi taka has shown signs of appreciation against the US dollar after five and a half years, according to a Bangladesh Bank report. On a point-to-point basis from June last year to June this year, the value of the taka appreciated by 0.06 percent.

Between August 30 and September 17, the local currency strengthened by 0.77 percent against the greenback. The taka experienced an unbroken streak of depreciation against the US dollar from 2021 until September 17 this year, with the exchange rate surging from Tk 85.80 per dollar to a record high of Tk123.95.

The trend began reversing in the second half of this year, after peaking at Tk 123.95 on August 30, the dollar rate dropped by 95 paisa to Tk 123.00 on September 17, resulting in a 0.77 percent gain for the taka over those three weeks.

The Bangladesh Bank report also compared regional currency movements from June last year to June this year. The Indian rupee depreciated by nearly 9.5 percent, the Sri Lankan rupee lost over 10 percent, and the Indonesian rupiah declined by around 9 percent.