November 20, 2016

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US dollar exchange rate hits the highest at Ks1,323

A woman counts US dollars at a money changer in Yangon. Photo: Reuters
A woman counts US dollars at a money changer in Yangon. Photo: Reuters

The exchange rate stood at its highest point of Ks1,323 per US dollar on 19th November, according to the black market of foreign exchange , after reaching a 14-year record high on 18th November on global market.
The dollar price has been on the rise for 10 consecutive days at the local foreign exchange market, with an exchange rate of Ks1,293 on 10th November, Ks1,299 on 11th November, Ks1,302 on 12th and 13th November, Ks1,306 on 14th and 15th November, Ks1,310 on 16th November, Ks1,316 on 17th November and Ks1,322 on 18th November. The dollar opened at Ks1,321 and closed two kyats up on 19th November.
With a foreign exchange rate rising at black market, the Central Bank of Myanmar (CBM) set the rate at Ks1,292 on 18th November, increasing the set exchange rates at Ks1,285 per US dollar from 27th October to 15th November, Ks1,287 on 16th November and Ks1,290 on 17th November.
The reason of rise in US dollar price resulted from the high demand in the market when it is rare to find the resellers of US dollar in the black market, said the one engaged in foreign exchange market.
Despite the high exchange rate of US dollar, Myanmar currency appreciates against other currencies. A Singapore dollar price slumped by six kyats while Thai Baht was stable at Ks36 a baht from 1st to 19th November. Similarly, Japan yen price slumped by Ks55 per 100 yens. In addition, China yuan price has decreased by two kyats per yuan whereas euro, by Ks39 per euro, according to the foreign exchangers.
The values of kyat as well as other currencies are depreciating against US dollar, resulting from an appreciation of US dollar in the global market.
The high US dollar price affects electronic market, causing the lower demand. The price of electronic tools is positively related to the dollar price. Therefore, the electronic market is still cool with a high price. Some buyers are waiting for a special promotion period at the end of the year, with a thought they might get them at a cheaper price.—Mon Mon

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