Dollar exchange rates slip by K10 over a week

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A clerk checks US hundred dollars bills at a foreign currency exchange counter in Yangon.  File Photo

By Nyein Nyein

The US dollar exchange rate dropped to K1,410 on 13 May, which is a slump of K10 from K1,420 registered on 1 May, said money exchangers.
The lower demand for dollar, tracking the weak sentiment in the global market and slower trade with the main partner China amid the coronavirus outbreak, brings down dollar value in the local forex market, said exporters.
The Central Bank of Myanmar purchased US$3 million in the auction market at K1,408 per dollar on 4 May, and then, US$3 million at K1,397 on 5 May, to govern the falling market.

A clerk checks US hundred dollars bills at a foreign currency exchange counter in Yangon.  File Photo
A clerk checks US hundred dollars bills at a foreign currency exchange counter in Yangon.  File Photo

The move is aimed to keep the exchange rate stable, said an official of the CBM.
In October last year, the dollar exchange rate had hit a high of K1,600. Starting from 25 December 2019, the US dollar exchange rate against Kyat dipped to below K1,500 and it even touched a low of K1,320 in early 2020.
At present, the exchange is pegged at K1,410 for selling price and K1,425 for buying price, while Thailand Baht to Myanmar Kyat is K42-39, a Euro is valued at K1,480-1,430 and a Singapore dollar is worth at K990-950. (Translated by Ei Myat Mon)

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