US Dollar exchange rate inches higher to K1,970 in local forex market

The black market exchange rate on the US dollar edged up K1,970, the money exchangers stated.
However, the Central Bank of Myanmar set a dollar at K1,750 on 13 September. There is a K220 gap between the official exchange rate and the black market rate.
In recent days, the US dollar exchange rate reached a record-high of K2,000.
To regulate the dollar gain against Kyat, the CBM sold 15 million dollars for the first time on 13 September.
In August, the CBM reportedly sold $28 million at its auction rate. Kyat is weakening in the local forex market. In a bid to steer its own currency value, 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.
The CBM trades the foreign currency with the authorized private banks under the rules and regulations of the FX auction market.
The US dollar exchange rate stood at only K1,330 in January-end, whereas it jumps to K1,970 at present, recording an increase of K640 in eight 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 and it hit the lowest of K1,660 and the highest of K1,682.
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