U.S. dollar exchange rate results in commodity price hike

U.S. dollar exchange rate against Myanmar kyat has reached its historical high level, affecting the import market and prompting a commodity price hike in Myanmar, Xinhua reported.

The U.S. dollar exchange rate continued to rise sharply to 1,630 kyats per dollar in the country's domestic market on Friday as a follow up of the jump to more than 1,500 kyats per dollar since early August as set by the Central Bank of Myanmar.

Due to the rapid rise of the U.S. dollar exchange rate, prices of imported commodities and raw materials which are vital in the manufacturing sector reached its peak.

As a result, local people especially those with low-incomes are battling with the high prices of food and imported pharmaceuticals.

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