Dollar gaining in domestic forex market

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The rate has reached above K1,400 starting from 4 February 2021. Photo: Phoe Khwar

According to the Central Bank of Myanmar, the US dollar value against Kyat keeps appreciating in the domestic forex market.

The dollar exchange rate stood at K1,335 in January-end. The rate has reached above K1,400 starting from 4 February 2021.

With the dollar value strengthening in the local forex market, a dollar was valued at K1,447 on 23 February. The exchange rate rose by K100 in recent days.

Consequently, the Central Bank of Myanmar sold 6.8 million dollars at an auction rate on 3 February to control the dollar exchange rate rise.

It is usual for the CBM to regulate the dollar volatility by selling or purchasing dollar at an auction rate.

Similarly, the precious pure gold metal price stood at only K1,320,500 per tical (0.578 ounces, or 0.016 kilograms) in the domestic market during January-end. It then reached a new peak of K1,410,000 on 3 February.

Shortly after that, the price of gold slipped a bit. The market was opened at K1,390,000 per tical on 23 February.

Yangon Region Gold Entrepreneurs Association released a statement on 4 February that the association urged people and traders not to trust in rumours, control reckless gold trading over concerns, and use cash down payment system.

Last month, the dollar exchange rate touched the maximum of K1,345 and the minimum of K1,327.

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

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