USD Vs MMK exchange rate hit K1,665 per dollar despite CBM constantly selling dollar to control rising rate

The US dollar exchange rate against Myanmar Kyat has risen to K1,665 per dollar in the local exchange market despite the Central Bank of Myanmar (CBM) is constantly selling dollars to control the value of the currency.
So far, the CBM sold eight million dollars in the first week of this month in three instalments.
In July, the central bank reportedly sold $39 million at an auction rate. Besides, the bank sold $12 million at an auction rate as well.
The CBM is conducting an auction for foreign exchange to reduce the instability of foreign exchange rates in a short-term period and fulfil the needs of foreign exchange reserves.
The dollar exchange rate against Myanmar Kyat stood at around K1,330 per dollar at the end-January. Then, the rate jumped to K1,730 per dollar on 12 May.
With the rising US dollar exchange rate, the CBM has been constantly selling the US dollar at an auction exchange rate since 12 May. Consequently, the exchange rate dips to around K1,580 in the local foreign exchange market this month. But the rate does not touch the rate that hit a high of K1,730 per dollar in May.
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 and K1,626-1,670 in July.
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 2019, the rates are pegged 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 an all-time high of K1,650 in the local currency market.—NN/GNLM