Reference exchange rate goes up on July 5

Hanoi (VNA) – The daily reference exchange rate turned around to go up 8 VND on July 5, being set at 22,638 VND per USD, reversing the downward trend since the beginning of the week.

With the current trading band of + /- 3 percent, the ceiling rate applied to commercial banks during the day is 23,317 VND/USD and the floor rate 21,959 VND/USD.

On the contrary, the rates listed at commercial banks decreased.

Vietcombank reduced both rates by 5 VND, listing the buying rate at 22,995 VND/USD and the selling rate at 23,065 VND/USD.

Both the rates at BIDV were down 10 VND, standing at 23,000 VND/USD (buying) and 23,070 VND/USD (selling).

Techcombank cut the buying rate by 20 VND to 22,960 VND/USD and the selling rate by 10 VND to 23,070 VND/USD.

SBV Governor Le Minh Hung reported at an online conference between the Government and localities on July 2 that the SBV ’s net purchase of foreign currencies exceeded 11 billion USD in the first half of 2018, increasing the nation’s foreign exchange reserves to approximately 63.5 billion USD.

He said recent increase in the foreign exchange rate was predictable as the US Federal Reserve (Fed) pushed up its interest rates and the dollar appreciated in international markets.

 Hung stated that the SBV is willing to interfere in the local foreign exchange market if supply-demand problems arise, in order to stabilise the exchange rate and prevent macro-economic risks.-VNA