US dollar gains to 3-month high on vaccine optimism

US dollar against kyat has recently risen to a three-month high of K1,375 in the local forex market as the vaccine optimism grew.
Additionally, the resumption of domestic flights and auto import licence grants caused the dollar appreciation, said a money exchanger sharing his opinion.
A dollar exchange rate stood around K1,300 in September-end. It gained to K1,375 on 12 December.
The local forex market saw upticks of dollar value beginning from early December. The causes of dollar appreciations against kyat have many reasons including high imports of COVID-19 related medical device, a slump in exports, dollar gains in the international market, auto import permit grant to the government personnel and high demand of dollar in local forex market,” a market observer shared his opinion.
The Central Bank of Myanmar (CBM) set Weighted-average (WA) Market Exchange Rate at K1,348.5 on 11 December. The CBM always observes the market and try to govern the market volatility and support the state’s foreign exchange reserves, the CBM stated on 24 July.
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. — Ko Khant (Translated by Ei Myat Mon)

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