The US dollar has depreciated by around Tk 2.90 against the Bangladeshi Taka over the past 10 days, according to banking and forex sector sources.

As of Sunday, most banks were buying remittance dollars at Tk 120, down from Tk 122.80 to Tk 122.90 at the start of last week, UNB reports.

While some banks briefly offered up to Tk 120.50 on Thursday, forex dealers noted that rates dropped quickly, with no bank willing to exceed Tk 120 by day’s end.

The weakening dollar is also being influenced by ongoing trade negotiations with the United States and a slowdown in import-related demand, analysts say.

Despite Bangladesh Bank’s recent shift toward a market-based exchange rate system, the dollar has continued to fall, easing pressure in the foreign exchange market and calming earlier concerns over rate volatility.

The trend has been welcomed by importers and policymakers alike, though exporters may face challenges if the dollar continues to weaken further.