Exchange rate on US dollar stands at K2,000

The exchange rate on the US dollar hit around K2,000 in the local forex market, as per money exchangers.
Last September-end, a dollar value reached the highest of over K3,000 in history.
Consequently, the Central Bank of Myanmar (CBM) sold US$40 million to the authorized dealers.
The CBM sold the foreign currency to the prioritized sectors (palm oil, fuel oil and pharmaceuticals) at an auction rate through the authorized banks every week.
The CBM sold the US dollar at an auction rate of K1,750 and the authorized dealers resold them at K1,753.
The CBM sold the US dollars at the set rate to the banks with the authorized dealer licence where the companies screened by National Trade Facilitation Committee opened an account.
During a week from 13 to 17 September, 25 million US dollars were sold. Again, 15 million dollars were sold to nine banks with the authorized dealer licence.
In September, the CBM sold 63 million dollars to the private banks to steer the local currency value.
In August, the CBM reportedly sold $28 million at its auction rate. Kyat is weakening in the local forex market. In a bid to control the dollar gain against Kyat, the CBM sold about 6.8 million dollars on 3 February 2021, $12 million in April, $24 million in May, $12 million in June and $39 million in July in the auction market respectively.
The US dollar exchange rate stood only K1,330 in January-end, whereas it rose to K2,000 at present, recording an increase of K700 in ten months.
The local forex market’s data showed that the dollar exchange rate touched the maximum of K1,345 and the minimum of K1,327 in January 2021. The rate moved in the range of K1,335-1,465 in February. It reached the lowest of K1,420 and the highest of K1,550 in March. The rate fluctuated between K1,550 and K1,610 in April. The rate fluctuated between K1,585 and K1,730 in May and it moved to the maximum of K1,595-1,620 in June. The rate stood at K1,626-1,670 in July. It hit the lowest of K1,660 and the highest of K1,682 in August. Last month, the rate edged up to K3,200 and fell to K1,696.
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 reached a peak of K1,650 in the local currency market. — NN/GNLM