Indo-Burma Border, November 19 (NMG)-

India Rupees dropped sharply against Burmese Kyats after the change of Chinese Yuan value and cold market figures for Burmese businessmen at the Indo-Burma border, local businessmen said.

In the last month, Rupees 100 was equated with Burmese Kyats 2,200 and it is now falling to Kyats 1,800.

A money exchanger said that India Rupees is falling against Kyats because the value of Chinese Yuan also cost less in China-Burma border.

“According to current Barter rate (Exchange rate), you can get only Kyats 1800 for Rupees 100. It’s a sharp fall because Chinese Yuan is dropping. In China-Burma border, Kyats 100 is trading with 1 Yuan. That’s why India Rupee is falling,” the money exchanger on the Indo-Burma border said.

According to the information from China-Burma border, previously Kyats 1,000 was trading with Yuan 8.5 and now it has become 9.5 to 10 Yaun.

Chinese consumer goods had been flooding in the Northeastern States of India especially in Arunachal Pradesh, Assam, Manipur, Nagaland and Mizoram States. As Chinese goods such as textiles and electrical equipments, are coming in to India through Burma, the value of India rupees changes in accordance with Chinese Yuan.

Meanwhile, very few Burmese businessmen are coming to Indo-Burma border due to unfavorable market situation, said a trader.

According to local businessmen, the border trade, under these circumstances, is impractical for not only businessmen from Monywa, Mandalay as well as for local small scale businessmen.

“These businessmen, who usually come and go up to Tamu, have now nothing to do. Previously they used to buy at least 100,000 to 300,000 Kyats from there and sold their goods here again. Because of the business on the border slows down, there is less Burmese currency on the border,” said one local businessman.

In Burma, trades along with consumer-goods markets have been frozen for months due to recent Muslim-Burma riots and banking crisis occurred in early this year.

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