PRIOR to Thingyan festivals, the value of Kyat is expected to gain against the US dollar in domestic currency market, according to currency market forecast of businesspersons.
Starting from early March, the US dollar tends to fall against the Kyat and it touched a low of K1,505 per dollar last Wednesday, according to money exchangers. Normally, dollar rate is on the rise in the beginning of the months.
This month witnessed weakening dollar forex on account of drop in import and surge in export, said money exchangers. During October last year, a US dollar exchange rate hit the highest of K1,600.
Thereafter, it gradually turned into down side and fell to below K1,500 in the end of February 2019. The Central Bank of Myanmar (CBM) bought over US$11 million from private banks at its set exchange rate in three days (24, 26 and 27 December) when dollar exchange rate was around K1,540-1,560 in local currency market in late 2018. Again, the CBM bought $5 million from private banks at its set rate on 3 January.
The weighted average market exchange rate of the CBM was K1,516 per dollar on 6 March 2019. In the second quarter of 2018, the minimum and maximum exchange rates were K1,345-1,407 in June, K1,384-1,443 in July, K1,442-1,570 in August, K1,538-1,650 in September, K1,515-1,600 in October, K1,565-1,595 in November and K1,510-1,577 in December.
— Ko Htet (Translated by Ei Myat Mon)
