Reference exchange rate revised up

The 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 up on June 26, being set at 22,625 VND/USD, an increase of 10 VND from the previous day.

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

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

Vietcombank added 35 VND to both rates, listing the buying rate at 22,865 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 22,845 VND/USD (buying) and 22,945 VND/USD (selling).

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

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

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

Le Quang Trung, Deputy Director of the Vietnam International Commercial Joint Stock Bank (VIB), said the US dollar rose sharply after the US Federal Reserves (Fed) decided to raise interest rates. Besides, other currencies in the 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 reference rate flexibly in conformity with developments of the market.

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