The US dollar has been sliding against the Kyat in the local currency market, with the exchange rate touching a low of K1,513 per dollar on 6 November, a decline of about K17 from October-end, said money exchangers. At the end of October, the rate was pegged at K1,530.

While the US dollar index was around 97 in the global market, the exchange rate slipped to K1,523 on 2 November and K1,516 on 4 November in the local forex market. According to a money exchanger, it is normal for the dollar to depreciate against the Kyat in November. At present, exports of rice and pulses are increasing, and the demand for the dollar is falling in the holidays. The dollar rate is likely to remain cool and it seems it may not climb up.

The Central Bank of Myanmar (CBM) buys dollars from private banks to govern the market. The CBM set the reference exchange rate (weighted average market rate) at K1,516.9 per dollar on 4 November. In October last year, the dollar exchange rate had hit a high of K1,600. On September 6, the rate dropped to K1,565.

Source: Global New Light of Myanmar 

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