Myanmar Kyat weakening against US dollar

The Myanmar kyat hit Ks1,041 against the US dollar on Wednesday, sharply above the official rate of 1,027, according to money exchangers.

The Central Bank of Myanmar’s official rate for the day was Ks1,027 per dollar, but the currency was actually sold at 1,041. Buying rate was 1,038.

The dollar has moved up against the local currency compared to the rate in January.

Since the beginning of this year, the official rate was at 1,025 per dollar until January 21 when the greenback weakened slightly to 1,024. From January 22 to February 9, the official rate was 1,025 per dollar. During February 10-24, it was 1,026. The rate was adjusted upward to $1,027 on Wednesday and it stayed unchanged today.

At foreign exchange booths, the buying rate of dollar was 1,028 and the selling rate was 1,026 in the first week of February. In the second week, the rates went up to 1,033/1,030.