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Vietnamese đồng continues its four-day rise against USD

Vietnamese đồng continues its four-day rise against USD

HANOI: The State Bank of Việt Nam (SBV) continued to decrease the reference US$/VNĐ exchange rate yesterday by 5 đồng to touch VNĐ22,154 per $1dollar. This is the fourth consecutive day the central bank lowered the daily-adjusted reference rate since early this year. The đồng has showed signs of strengthening since early this year. The US dollar has lost 180 đồng per dollar, equivalent to 0.78 per cent in value, in the last four days. Commercial banks are allowed to trade the dollar at +/-3 per cent on either side of the reference rate, which is between VNĐ21,489 and VND22,819 yesterday. The US dollar listed at banks continued to fall against the đồng yesterday and has been trading at the lowest level since December 10, 2016. Vietcombank listed the rate at VNĐ22,520 and VNĐ22,600 for buying and selling, respectively, down 65 đồng for both buying and selling from the day before. BIDV quoted its rate at VNĐ22,530/ VNĐ22,610, down 85 đồng for buying and 75 đồng for selling.

Vietinbank also cut the buying rate by 75 đồng to VNĐ22,520 per US dollar and the selling rate by 75 đồng to VNĐ22,590 per dollar. Other banks including Eximbank, Asia Commercial Bank and HD Bank also lowered their USD/VNĐ exchange rates, quoting the US dollar around VNĐ22,500/VNĐ22,630. The sharp weakening of the dollar against the đồng was attributed to the slump of the greenback on international markets in the past five days. The Wall Street Journal Dollar Index, a measure of the value of the US dollar relative to 16 foreign currencies, retreated from the 14-year peak on Thursday, tumbling 1 per cent to 92.08 points.