Myanmar Kyat continues weakening against US dollar

The Myanmar kyat continues to slide against the US dollar in market trading while the official rate remains significantly lower.

The Myanmar currency hit Ks 1,083 against the US dollar on Monday, according to a money market report. The Central Bank of Myanmar opened at Ks 1,027 per dollar.

The ongoing trend of a weakening Kyat is attributed to the high demand for the dollar.

The currency exchange rate of kyats to dollars has continued to rise this year while the official rate has remained at less than Ks 1,300 per dollar. The dollar has been appreciating against other currencies in recent months, thanks to improved economic indicators.