US dollar remains strong

It was the new low since the official exchange rate was allowed some flexibility in April 2012 by the government of Thein Sein, which has opened up the country after decades of military dictatorship.

On November 10, the kyat fell to the new low, with the official rate set at 1,016 per dollar, according to the Central Bank of Myanmar. It remained unchanged yesterday. 

The selling rate was as high as 1,024 on November 10, at Theinphyu Exchange Counter.

The kyat has continued weakening amid growing demand for the US currency for imports. The demand for dollars was being driven by the country's rapid consumption, especially of manufactured goods.  The trade deficit was around US$3 billion dollars for the first half of the current fiscal year to the end of September, on exports of $6 billion and imports of $9 billion.

The kyat started weakening sharply in September, when it was traded at 970 per dollar.

The greenback first rose above Ks 1,000 on October 22, the first time since the managed float system was deployed in April 2012.