US dollar slides against the Kyat

17 January 2020
US dollar slides against the Kyat
A man holds new edition of 1,000 Myanmar Kyats banknotes featuring portrait of late General Aung San outside the Myanmar Economic Bank in Yangon, Myanmar, 07 January 2020. Photo: Nyein Chan Naing/EPA

The US dollar has been sliding against the Kyat in the local currency market, with the exchange rate touching a low of K1,480-1,484 per dollar on 15 January, state media reported.

On 14 January, the rate was pegged at K1,487, while the US dollar index was above 97 in the global market.

With the Kyat gaining against the dollar in the internal forex market, the domestic gold price plunged to K1.185 million per tical (0.578 ounces, or 0.016 kilograms) on 5 December from a record high of K1.3 million in early September.