The interbank exchange rate for the US dollar reached another record high of Tk108.75 as Bangladesh continued to face a shortage of the greenback.
Banks traded each dollar ranging from Tk108.50 to Tk108.75 on May 22, down 24.28% from a year ago, data from Bangladesh Bank showed.
The interbank exchange rate increased almost every working day this month after starting out at Tk106.80 per dollar on May 1.
The local currency has been facing depreciation for the last one year due to higher import payments and slower-than-expected export earnings and remittance inflow.
In the first nine months of FY23, import bills dropped 12.33% year-on-year to $53.93 billion.
As a result, the trade deficit, which occurs when a country's imports exceed its exports, declined 41.6% year-on-year to $14.61 billion in July-March.
In April, remittance declined 16.27% year-on-year to $1.68 billion.
Overall, money transferred by migrant workers and non-resident Bangladeshis living abroad grew 2.36% to $17.71 billion in July-April.
Export earnings dipped 16% year-on-year in April with overall receipts growing by 5.38% to $45.67 billion in the first 10 months of the ongoing fiscal year.
The country's forex reserves stood at $30.18 billion on May 18, down 28.5% year-on-year.
Last month, banks decided to offer remitters Tk108 for each greenback instead of Tk107.
Banks also decided to increase their purchase prices of the dollar from exporters to Tk106, up from Tk105 earlier.