Kyat DollarKiev dollar
Dollar vs. Myanmar Kyat charts and USDMMK price. LAK (Lao Kip); MMK (Kyat, Myanmar); LBP (Lebanese Pound).
Up on the dollar weak Kyat
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The strengthening is regaining momentum against Kyat and most ASEAN countries due to the continuing weak dollar, which has fallen 3.5% against the main currency pairs since the beginning of the year. After US Treasury Secretary Steven Mnuchin at the World Economic Forum in Davos, Switzerland, described the dollar's weakening as good for US trading, the dollar remains under strong sales pressures.
Mnuchin' s remarks also came after President Donald Trump imposed penalties on China's PV modules and Sout Korea's laundry equipment and the members of the Transpacific Partnership agreed to continue the trading covenant without the US. The members of the North American Free Commerce Treaty, to which the United States also belongs, are now also trying to transform the 24-year-old treaty in favor of it.
The Dollar is expected to stay weaker in the next few week and the Fed's key interest rates will not move on Tuesday and Wednesday. "We are not looking for any changes in the FFR targets after the 25 bp to 1.25 bpc-1.50 bpc rise at the December meeting," they reported last Thursday.
Myanmar-Kyat has lost value against the US dollar in recent outbreaks. From mid-January, the dollar-Kyat level on Myanmar's foreign exchanges fell to Ts1.322. From January to April, the share price varied around Ts1,327, the highest price in this time frame being Ts1,331.
In May, the price rose above 1,340 Ks per dollar and by the middle of June it had risen to 1,350 Ks and peaked at 1,356 Ks per dollar on 16 June. It is possible that the appreciation of the dollar is due to the international economic environment. Boundary trading has not increased significantly and US dollar consumption has fallen.
Therefore, the domestic can not contribute to the rise in the currency rates, said U Than Lwin, Senior Advisor at Kanbawza Bank. Myanmar Fishery Products Processor and Exporter Association deputy Daw Toe Nanda Tin said the dollar revaluation is good for exports, but it is a break-even point as the costs of importing are also rising.
We expect to see strong monetary revenues from export and we must therefore stimulate export. She added that if the value of imported goods exceeds that of exported goods, the value of the foreigncurrency will increase. In 2017, the US dollar rose in comparison with the preceding years, with the highest value being Ts 1,380 per dollar.
As the US dollar strengthened against the Kyat on the domestic monetary markets, Myanmar's central bank increased the fixed foreign currency parity from 1,359 Ts on 18 June to 1,365 Ts on 19 June. Infl uation, interest rates, trading conditions, the country's balance of payments and deficit, the policy environment and output are the contributory forces to the fall in the foreign exchanger rates.