US dollar gains against Kyat in local forex market

By Nyein Nyein
THE US dollar has risen against Kyat to K1,330 in the local forex market on December 2, from K1,320 before the Tazaungdaing holiday although it appreciated against some currencies in the international market as an impact of the US election, Yangon Region Gold Entrepreneurs Association chair U Myo Myint said.
Despite the gain in US dollar in the local forex market, domestic gold dropped to below K1.3 million per tical (0.578 ounces, or 0.016 kilogrammes) tracking the global cues. The international gold is pegged at US$1,809 per ounce. This year, 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 and K1,302-1,330 in November.
Last year, 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.(Translated by Ei Myat Mon)

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