Business

Reference exchange rate revised up

The daily reference exchange rate was adjusted up on June 26, being set at 22,625 VND/USD, an increase of 10 VND from the previous day.
Reference exchange rate revised up ảnh 1The daily reference exchange rate was set at 22,625 VND/USD on June 26 (Photo: VNA)


Hanoi (VNA) - The daily reference exchange rate was adjusted upon June 26, being set at 22,625 VND/USD, anincrease of 10 VND from the previous day.

With the current trading band of  +/- 3 percent, the ceiling rate appliedto commercial banks during the day is 23,303 VND/USD and the floor rate 21,949VND/USD.

The opening hour rates at commercial banks saw strong increases fromJune 25.

Vietcombank added 35 VND to both rates, listing the buying rate at22,865 VND/USD and the selling rate at 22,935 VND/USD.

The rates at BIDV surged by 40 VND, standing at 22,870 VND/USD (buying)and 22,940 VND/USD (selling).

At Techcombank, both rates were raised by 35 VND, coming to 22,845VND/USD (buying) and 22,945 VND/USD (selling).

The daily reference exchange rate was on a rising trend for most of lastweek before turning around to drop on the last day (June 22). It stayedunchanged on the first day of this week (June 25) before rising again today.

The rates listed at commercial banks also rose throughout the previous weekand remained flat on June 25.

Some experts said the hike in the VND/USD exchange rate was mainly dueto external factors.

Le Quang Trung, Deputy Director of the Vietnam International CommercialJoint Stock Bank (VIB), said the US dollar rose sharply after the US FederalReserves (Fed) decided to raise interest rates. Besides, other currencies inthe SBV’s basket also surged, resulting in the increase of the VND/USD rate.

He said the higher reference exchange rate has aided Vietnam’s exports.

Pham Thanh Ha, head of the Policy and Monetary Department of the SBV,told a recent press conference that the central bank will manage the referencerate flexibly in conformity with developments of the market.

The bank will also scale up foreign reserves when necessary, Ha said.-VNA

VNA
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