US dollar against Kyat rises over K1,800 per dollar

The US dollar exchange rate against Myanmar Kyat has risen above K1,800 per dollar in the local currency market, it is learnt. The exchange rate on the US dollar dropped to K1,783 per dollar because the Central Bank of Myanmar (CBM) issued the instruction on 9 November that the foreign exchange transitions must be carried out within ± 0.5 per cent of the reference rate established by the CBM. On 27 November, the exchange rate for US currency has reached K1,802.

The dollar exchange rate against Myanmar Kyat stood at around K1,330 per dollar at the end-January. Then, the dollar’s value reached the highest of over K3,000 per dollar in history last September-end. The CBM has been selling the US dollar in the auction market to control the rise and fall of the exchange rate. The bank reportedly sold $30 million in November in the auction market. Likewise, the bank also sold $110 million in October, $63 million in September and $28 million in August.

Besides, the bank also sold $39 million in July, $12 million in June, $24 million in May, $12 million in April and $6.8 million in February at foreign currency auction system. In the first six months of 2021, the highest and lowest exchange rate is currently fixed around K1,327-1,345 in January, K1,335-1,465 in February, K1,420- 1,550 in March, K1,550-1,610 in April, K1,585-1,730 in May, K1,595-1,620 in June, K1,626-1,670 in July, K1,660-1,682 in August, K1,696-3,200 in September and K1,850-1,990 in October.

In 2020, the exchange rate moved in the range of K1,465- 1,493 in January, K1,436-1,465 in February, K1,320-1,445 in March, K1,395-1,440 in April, K1,406-1,426 in May, K1,385-1,412 in June, K1,367-1,410 in July, K1,335-1,390 in August, K1,310-1,355 in September, K1,282-1,315 in October, K1,303-1,330 in November and K1,324-1,403 in December. In the last six months in 2019, the rates were fixed at K1,508-1,517 in July, K1,510-1,526 in August, K1,527-1,565 in September, K1,528-1,537 in October, K1,510-1,524 in November and K1,485-1,513 in December. On 20 September 2018, the dollar exchange rate hit a record high of K1,650 in the local exchange market.

Source: The Global New Light of Myanmar

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