Greenback plunges over stabilised forex market
The US dollar prices reduced significantly on August 28 after reaching the ceiling level earlier this week.
The USD prices reduced significantly on August 28 after reaching the ceiling level earlier this week (Photo: VNA)The US dollar prices reduced significantly on August 28 after reaching the ceiling level earlier this week.
Accordingly, Vietcombank’s rate was 22,430/22,490 VND per one USD (buying/selling), dropping by 70 and 57 VND, respectively, compared to the first day of the week.
BIDV set the buying and selling rates at 22,440/22,480 VND per USD while Techcombank were transacting the greenback at 22,400/22,500 per USD, both lowering the prices by between 20 -70 VND from the beginning of the week.
Experts said the exchange rate fluctuation was mainly due to psychological factors amid China’s surprise devaluation of its Yuan currency and the market will soon be stabilised as the State Bank of Vietnam (SBV) has declared no adjustment to the VND/USD rate through early 2016.
Vietcombank Deputy Director General Pham Thanh Ha said under the SBV’s direction and particularly the central bank’s massive selling of foreign currencies has contributed to positive signals of the market.
Meanwhile, given the global decline of gold prices, the domestic market has cooled down at 33.98 million VND (buying) and 34.45 million VND (selling) per tael (one tael is equivalent to around 1.2 ounces), sliding 700,000 VND and 950,000 VND respectively from this week’s first day.-VNA
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