USD vs MMK exchange rate rises up to K1,600 per dollar

The US dollar exchange rate against Myanmar Kyat has risen to K1,600 per dollar in the local exchange market.
Although the dollar exchange rate hit only around K1,500 per dollar in the local market on 31 March, the rate jumped to K1,605 per dollar on 20 April with a rise of about K100 per dollar within three weeks.
Though the dollar exchange rate stood at around K1,330 per dollar at the local market at the end of January, the rate jumped to over K1,465 per dollar in February. The exchange rate skipped by K130 per dollar in a few days.
Consequently, the CBM sold US$6.8 million on 3 February at a foreign currency auction system to stabilize the exchange rate.
Since the beginning of the year, the bank has been purchasing and selling the US dollar in the auction market to control the rise and fall of the exchange rate.
In the domestic market in 2021, the highest and lowest exchange rate is currently fixed around K1,327-1,345 in January, K1,335-1,465 in February and K1,420-1,550 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 the last six months in 2019, the rates were fixed 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 a record high of K1,650 in the local exchange market. — NN/GNLM