Chiang Mai (Mizzima) – The US dollar has seen steady declines to-date this year against the Burmese kyat, currency traders in Rangoon say, as the American currency hit an average low of 885 kyat to the greenback yesterday. Gold prices are also following the dollar down.
A currency exchange operator in Pabedan Township, Rangoon, the former Burmese capital, said his selling rate was set at 885 kyat and buying rate was 880.
The rate represents an 11 per cent decline in the greenback’s value after a dollar was able to buy 990 kyat in July.
Similarly, the Foreign Exchange Certificate (FEC) rate followed the downward trend, falling to 820 kyat per unit from 840 kyat last week.
The domestic gold price dropped nearly 5,000 kyat against Wednesday’s price to 66,350 kyat per tical (about 16 grammes).
Meanwhile, high-octane petrol price rose to 3,300 kyat per gallon (4.6 litres) yesterday from 3,200 kyat per gallon on Wednesday, traders said.
Previously, high-octane petrol could only be bought with FECs, but after privatisation of fuel distribution in the domestic market, it can now be bought with Burmese kyat.
