The foreign exchange rate has risen up to Ks1,285 per US dollar and the local gold price raised its head at over Ks863,000 per tickle despite the stable world gold’s price on the decline, it is learnt from the foreign currency’s black market and the gold dealers.
The foreign exchange rate at the black market has been on the rise from 11th to 17th October. The US exchange rate was opened at Ks1,242 per dollar in the morning and closed at Ks1,257 per dollar in the evening on 11th October. The exchange rate has risen over a week and it reached Ks1,285 per US dollar on 17th October.
The Central Bank of Myanmar (CBM) set the exchange rate at Ks1,260 per US dollar from 4th to 7th October. The prescribed US exchange rates per dollar are Ks1,258 on 10th October, Ks1,256 on 11th October, Ks1,255 on 12th and 13th October, Ks1,257 on 14th October, Ks1,257 on 17th and Ks1,259 on 18th October respectively, according to a figure from CBM.
The domestic gold price dropped to Ks843,000 per tickle on 11th October but raised its head to over Ks860,000 per tickle on 13th October, and the price is on the rise again, it is learnt from the gold market.