Illustrative image (Source: VNA)

Hanoi (VNA) - The State Bank of Vietnam set the daily reference exchange rate on December 6 at 22,762 VND per USD, up 5 VND from the previous day (December 5), which is the highest rate since the beginning of the year.

With the current trading band of +/- 3 percent, the ceiling rate applied to commercial banks during the day is 23,444 VND/USD and the floor rate 22,080 VND/USD.

The opening hour rates at commercial banks also rose compared to the previous day.

Vietcombank added 10 VND to both rates, listing the buying rate at 23,270 VND/USD and the selling rate at 23,360 VND/USD.

The rates at BIDV stayed at the same level as on late December 5, at 23,265 VND/USD (buying) and 23,355 VND/USD (selling), which were 25 VND higher than the opening hour rates on December 5.

At Techcombank, both rates were raised by 15 VND to 23,240 VND/USD (buying) and 23,350 VND/USD (selling).

The daily reference exchange rate has been on a rising trend since mid-November, gaining a total 41 VND from November 16.

Experts attributed the rise to great demand for foreign currencies at the end of the year, when many firms rush to make payment to trade partners or pay foreign currency debts.

The US dollar is also forecast to appreciate towards the end of the year due to the US-China trade war, and the possibility that China would use monetary policy to ease the trade dispute’s impacts.

However, the exchange rate is likely to stay stable, experts said, noting that the State Bank of Vietnam is consistent with its policy on exchange rate control and the use of many tools to manage the exchange rates and the forex market.-VNA