Reference exchange rate goes up 6 VND on June 21

Hanoi (VNA)
– The State Bank of Vietnam (SBV) adjusted the daily reference VND/USD exchange rate on June 21 up 6 VND from the previous day to 22,428 VND.

With the current trading band of +/- 3 percent, the ceiling rate applied to commercial banks during the day is 23,100 VND and the floor rate 21,756 VND per USD.

The rates listed at commercial banks in the opening hour fluctuated slightly.

While Vietcombank maintained both rates unchanged from June 20 at 22,690 VND (buying) and 22,760 VND (selling), BIDV raised its rates by 5 VND to 22,690 VND (buying) and 22,760 VND (selling).

The selling rate at Techcombank rose 10 VND to 22,770 VND but the buying rate stayed the same as on June 20 at 22,650 VND.

The SBV’s transaction office also raised the buying rate for the greenback by 50 VND to 22,725 VND. This is the third time this year it increased the buying rate for USD.

Overall, the VND/USD exchange rate still maintains a stable trend after the second interest rate hike by the US’s Fed this year, which is different from the situation in previous year.

The stability was attributable to the policy on proactive response to outside developments, particularly the management of the exchange rate in the form of the daily reference rate.

Analysts said the decision to increase the buying rate of the greenback is also a step under the policy, showing the SBV’s intention to expand the foreign reserve, curb the revaluation of the VND and indirectly assist exports.-VNA