US dollar hits all-time high at K1,660 on 9 May

The bullish US dollar trend continues, and the US dollar value against Kyat reached the highest of K1,660 in history in the afternoon of 9 May, local forex market’s data showed.
The dollar exchange rate stood at K1,469 on 31 March and strengthened to K1,495 on 6 April. The US dollar is constantly strengthening in the local forex market. The rate rose by over K160 in a month.
Nevertheless, the local forex market rate is K43 higher than the rate set by the CBM. A dollar exchange rate was set by the CBM at K1,567 on 9 May, whereas it stood at K1,610 in the local forex market, a money changer reported.
A dollar was valued at only K1,330 in January-end. The dollar exchange rate jumped to K1,441 in February, with an increase of K100 as against January’s rate. The bullish US dollar extends its rise at present.
The dollar gain will benefit the exporters. Yet, it will hike up the local food prices. The currency intervention is required to steer the own currency value. The current political changes in Myanmar affect the currency market. Some people want to hold the hard currency during difficult times, a market observer shared his opinion.
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.
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. – HH/GNLM