, March 10 -- The ongoing crisis in the Middle East has begun to impact Bangladesh's foreign exchange market, driving up the price of the US dollar for both remittance procurement and import payments.

On Tuesday, commercial banks were seen purchasing remittance at a maximum rate of Tk 122.90 per dollar. Consequently, the exchange rate for settlement of import letters of credit (LCs) has climbed to Tk 123, according to banking sources.

Just a week ago, the dollar rate for imports stood at approximately Tk 122.50. The recent jump of nearly 50 paisa per dollar has sparked concerns among businesses.

"Banks are capitalizing on the war situation in the Middle East," an importer told the media on Tuesday.

"The sudden hike in the dollar rate ...