The dollar price on Sunday was highest Tk 69.30 in case of opening LCs.

The nationalised commercial banks also increased the dollar prices yesterday by Tk 1, selling at Tk 68.25 for opening LCs.

Dollar prices also rose in the inter-bank foreign exchange market yesterday and sold at Tk 66.75, which was Tk 66.60 on Sunday.

Although import declined due to Bangladesh Bank's tight monetary policy, the oil price hike in the international market is forcing Bangladesh to spend more dollars and consequently making dollars dearer.

In the first five months of the current fiscal year, import grew by 10.95 percent while the growth was 22.95 percent during the corresponding period of the previous year.

The opening of LCs, on the other hand, has risen by a meagre 1.87 percent over the first half of the current fiscal, while the growth was 24.12 percent during the same period of the previous year.

The opening of LCs for importing petroleum, however, rose by about 28 percent which the banking sources said is the main reason behind the dollar crisis.

Finance Minister M Saifur Rahman at the annual conference of Janata Bank last week cautioned the bankers to keep enough reserve for petroleum import and refrain from big lending.

Banking sources also pointed out that the multinational companies, including those in the telecommunications and gas sectors, have started to repatriate their profit. A foreign bank source said profits to the tune of over $500 million will be repatriated to the parent countries.

Besides, the remittance inflow has also slowed down a bit after the Eid-ul-Azha. In January, remittances worth $390 million came to the country compared to the remittance of $418 million in December.