Kyat value regains up to 3,000 per dollar; gold price plummeted
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Hsu / Myo Gyi (NP News) - Sep 21
Myanmar currency returns to a slight appreciation with 3,000 Ks. per dollar after a steep currency crisis in August; meanwhile, the market gold price also declines with lower demands.
September 20 forex rate showed a dollar was equivalent to 3080 Ks.
The market rate is gradually falling; if the Central Bank imposes interventions, the falling rate will be declining with impetus, businessmen remarked.
Likewise, the gold price was dropping up to 2,700,000 Ks. per tical of pure gold in the market with a shrink in demand.
“The demand is very limited when the gold price went up to 27 lakhs. Those who collected gold in previous weeks, now, try to sell the gold before the price is decreasing in the upcoming days. However, there isn’t purchasing in the market,” the businessman said.
Gold price and forex rate are projected to decline in the upcoming weeks.