"Ramadan starts in May. I believe it is some pre-planned conspiracy. The value of dollar has suddenly increased," he told reporters at the Secretariat on Thursday.
The minister however, would not name any person or group behind the 'conspiracy'.
The greenback started gaining on the Taka at the beginning of this year and increased by Tk 3 to 4 within a few months.
One dollar is currently equivalent to Tk 84.
Bangladesh Bank claims a rise in imports has pushed up the value.
Minister Tofail, however, said the dollar will lose value shortly since the government is looking into the matter.
He hoped one unit of the US currency will soon be below Tk 80.
Quoting the Bangladesh Bank governor, he said: "Already it is Tk 82."
"The rate is already coming down as Bangladesh Bank is giving dollar to other banks.
The central bank has reserves of more than $32 billion. If we give around $400-500 million to other banks, it won't make much of a difference."
The minister will sit with traders on Apr 30 in order to ensure stability of price of commodities during the Ramadan.