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Dollar continues downward trend

LOCAL NEWS

The US dollar has been sliding against the Kyat in the local currency market, with the exchange rate touching a low of K1,480-1,484 per dollar on 15 January, said money exchangers.
On 14 January, the rate was pegged at K1,487, while the US dollar index was above 97 in the global market.
“It is normal for the dollar to depreciate against the Kyat this time of the year. At present, exports of rice and pulses are increasing, and dollar demand is falling in the market. The dollar rate is likely to remain cool,” said a money exchanger. The Central Bank of Myanmar set the reference exchange rate (weighted average market rate) at K1,482.3 per dollar on 15 January.
In October last year, the dollar exchange rate had hit a high of K1,600. Thereafter, the dollar has been sliding in the local currency market.
With the Kyat gaining against the dollar in the internal forex market, the domestic gold price plunged to K1.185 million per tical (0.578 ounces, or 0.016 kilograms) on 5 December from a record high of K1.3 million in early September.
This year, the exchange rate stood at K1,540 on 1 January and fell to a low of K1,515 on 15 January. It continued to drop and reached K1,503 on 28 February.
Hereafter, it rose to K1,527 on 18 March and K1,538 on 14 May. The rate stood at K1,259 on 1 June and K1,514 on 26 August. Then, the dollar exchange rate hit a peak of K1,565 on 6 September. It was pegged at around K1,528-1,537 in October. In November, the rate moved in the range of K1,510-1,524. Last month, dollar rate started to dip below 1,500. —Ko Htet (Translated by Ei Myat Mon)

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