Exchange rates stable despite Fed rate hikes
The VND/USD exchange rates saw little changes this morning although the US Federal Reserve (Fed) raised interest rates on June 14 on the confidence in a growing economy and strengthening job market in the world’s biggest economy.
Illustrative image (Source: File Photo)Hanoi (VNA) - The VND/USD exchange rates saw little changes this
morning although the US Federal Reserve (Fed) raised interest rates on June 14
on the confidence in a growing economy and strengthening job market in the
world’s biggest economy.
The State Bank of Vietnam on June 15 morning listed the daily reference rate at 22,405 VND to a dollar, three dong lower than June 14’s rate.
The exchange rates at commercial banks did not see significant changes.
At Vietcombank, the buying rate was 22,655 VND and the selling rate was 22,725 VND at 10.30 am, 10 dong lower than June 14.
The exchange rates at MB Bank dropped from 22,750 VND to a dollar on June 14 to 22,720 VND on June 15’s morning.
At Bank for Investment and Development of Vietnam (BIDV), exchange rates saw no change compared to June 14, being listed at 22,665 VND for buying rate and 22,735 VND for selling rate.
The Federal Reserve raised interest rates on June 14 for the second time in three months, forecasting one more hike this year. The benchmark lending rate was lifted by a quarter percentage point to a target range of 1 percent to 1.25 percent.
Experts said that the State Bank of Vietnam’s policies on exchange rates helped the market avoid external shocks, adding that the Fed rate hikes would not have significant impacts on VND/USD exchange rates.
The National Financial Supervisory Committee recently forecast the Fed rate hikes, but small increases each time would not insert significant pressure on exchange rates.
However, the committee warned that the exchange rates would be under pressure from high trade deficit in the remaining months of 2017.
The domestic gold prices also remained stable despite huge fluctuations in gold prices in the global market.
At 10.45 am on June 15, SJC gold traded at 36.33-36.39 million VND per tael at Bao Tin Minh Chau, unchanged from the closing prices on June 14 and 36.23 to 36.43 million VND at SJC, 10,000 VND lower per tael.
The gold price in the global market saw huge fluctuations after the Fed rate hikes. It even rose by 15 USD to touch 1,288 USD per ounce but decreased after that to close at 1,260 USD.
At 11 am (local time), gold was trading at 1,263.6 USD per ounce on Nymex and 1,264.10 USD on Kitco.-VNA
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