Kuwaiti Dinar Leads Taka Exchange Rates on 8 August

Dhaka, 8 August: The exchange rate of the Bangladeshi taka against major foreign currencies remains an important indicator for households, businesses and individuals involved in international transactions. It has particular significance for Bangladesh because millions of citizens work abroad and regularly send remittances home, while businesses depend on foreign currencies for imports, exports and other cross-border payments.

According to the exchange rates reported for Saturday, 8 August, the Kuwaiti dinar recorded the highest value among the currencies listed. One Kuwaiti dinar was equivalent to Tk 403.01. The Bahraini dinar followed at Tk 328.35, while one Omani rial was valued at Tk 321.

The British pound was valued at Tk 167.03, making it one of the highest-valued major currencies in the list. The Swiss franc stood at Tk 149.25, while the euro was quoted at Tk 145.23. The same euro rate applies to Italy because the country uses the euro as its currency.

The US dollar, one of the most widely used currencies in global trade and international financial transactions, was quoted at Tk 123.34. Singapore’s dollar stood at Tk 97.03, while the Canadian and Australian dollars were valued at Tk 88.51 and Tk 87.67, respectively. The New Zealand dollar was quoted at Tk 72.99.

Currencies used by major destinations for Bangladeshi migrant workers also carry considerable importance. One Saudi riyal was equivalent to Tk 33, while the United Arab Emirates dirham stood at Tk 33.69 and the Qatari riyal at Tk 33.99. The Malaysian ringgit was valued at Tk 30.23.

Among Asian currencies, the Indian rupee was worth Tk 1.25. One Japanese yen was equivalent to Tk 0.786, while one South Korean won was valued at approximately Tk 0.0874. The South African rand stood at Tk 7.67.

Exchange rates reported on 8 August

The figures show a wide variation in the nominal value of individual currency units. Gulf currencies dominate the upper end of the list, with the Kuwaiti dinar, Bahraini dinar and Omani rial recording particularly high values against the taka. At the other end, the Japanese yen and South Korean won have much lower values per individual unit.

A lower value for one unit of a currency does not, by itself, indicate that the currency or its issuing country’s economy is weaker. Currency denominations and monetary systems differ substantially between countries, so nominal exchange rates should not be used as a standalone measure of economic strength.

The reported figures should also not be treated as the final rate applicable to every foreign-exchange transaction. Banks and authorised money-exchange institutions may quote different buying and selling rates, while the rate available to customers can vary according to the type and size of a transaction. Foreign-exchange demand and supply, international market movements and institutional pricing can all influence the effective rate.

For remittances, overseas education, travel, imports, exports or other foreign-currency transactions, customers should therefore check the latest applicable rate with their bank or an authorised financial institution before completing a transaction. Even a small movement in the exchange rate can make a significant difference when large sums of money are involved.

The rates cited above reflect the reported figures for 8 August and may change as foreign-exchange market conditions evolve.