The kyat is expected to continue appreciating against the dollar after the Thingyan Festival, experts said.
In addition to the depreciation of the US dollar in the global market, the import of vehicles has declined in the auto market under the new automobile policy. The demand for dollars is also low because of a decline in remittances of importers, as businessmen imported fewer goods compared with the previous years due to the short holiday this year.
With the US dollar index dropping below 90 points on 9 April, the US dollar to Kyat interbank exchange rate in Myanmar’s currency market slipped to Ks1,324 yesterday. The exchange rate was down by more than Ks20 in the past three months this year.
Yesterday, the dollar selling price was around Ks1,324, while the buying price was Ks1,319, according to money exchange counters.
Meanwhile, the Central Bank of Myanmar has set the exchange rate at Ks1,330 per dollar.