The common cold reduces your senses of taste and smell by blocking nasal passages. These senses return when the cold passes.
Blocked nasal passages are a major symptom of the common cold. Aromas are unable to reach smell receptors in the naval cavity that send signals to the brain regarding smell.
Taste and smell go hand in hand. Together they make up what is perceived as flavor. If one sense is impaired, so is the other.
Taste and smell is reduced within 2 to 5 days of cold infection. This reaches its peak within 2 to 3 days and should resolve in 7 to 10 days.
Since there is no cure for the common cold, you will have to wait til it clears for your senses of taste and smell to return. Inhaling steam may help clear up obstructions in your nasal passages.
Your senses of taste and smell should return within a few days after a cold has cleared up. If it doesn't, you should see a doctor.