US dollar exchange rate slips a bit near Thingyan Festival

 April 5, 2017

The exchange rate of the US dollar fell slightly in April with the Thingyan Festival approaching and as the export volume rose, according to the external currency market.

The dollar price is decreasing in the local exchange market starting from the last week of March. The US dollar price declined a bit from Ks1,365 to about Ks1,350 in the external currency market. The Central Bank of Myanmar set the exchange rate at Ks1,360 on 4th April 2017 and then, it scaled down the rate at Ks1,358 on 5th April, in keeping with the fall of greenback’s value in local currency exchange market.

The exchange rate usually rises as the businessmen highly import the goods because of the long public holiday of Myanmar New Year.

During this time of the year, a slight depreciation of the US dollar is found in the local currency market when the Thingyan holiday gets nearer, resulted from the high earnings of various pea export.

The gold price declined a bit with the depreciation of dollar and a decrease in global gold price. However, with the increase in global gold price, the gold price raised its head again at above Ks900,000 per tical on 4th April.

Ref; The Global New Light  of Myanmar