Business

Reference exchange rate up 5 VND at week’s beginning

The daily reference exchange rate opened the week up 5 VND from the end of previous week to 22,653 VND/USD.
Reference exchange rate up 5 VND at week’s beginning ảnh 1The daily reference exchange rate was set at 22,653 VND/USD on July 16, up 5 VND from the end of previous week. Illustrative image (Photo: VNA)

Hanoi (VNA) - The daily reference exchange rate opened the weekup 5 VND from the end of previous week to 22,653 VND/USD.

With the current trading band of +/- 3 percent, the ceiling rate appliedto commercial banks during the day is 23,332 VND/USD and the floor rate 21,974VND/USD.

The rates listed at commercial banks stayed stable.

Both Vietcombank and BIDV are listing their buying rate at 23,010VND/USD and the selling rate at 23,080 VND/USD, unchanged from the last day ofprevious week (July 13).

At Vietinbank, the buying rate went up 10 VND to 23,019 VND/USD whilethe selling rate remained the same as on July 13 at 23,089 VND/USD.

Last week, the reference exchange rate went down on Monday, being set at22,632 VND/USD, but then rose for three consecutive days before going downagain on Friday to 22,648 VND/USD.

Foreign exchange rates are likelyto rise strongly due to concerns that the US-China trade war may be escalating,according to a report on Vietnamese macroeconomy for the second quarterreleased by the Vietnam Institute for Economic and Policy Research (VEPR) underthe University of Economics, an affiliate of the Hanoi National University, onJuly 11.

The report said the Fed’s secondinterest rate hike in the second quarter of this year was one of the keyfactors pushing up US dollar prices and depreciating the domestic currency, thusaffecting the US dollar-Vietnamese dong exchange rate in the period underreview.

The report went on to say thatthe foreign currency reserve (FCR) stands at 63.5 billion USD, equivalent tonearly 13 weeks of imports, and is the minimum national FCR recommended by theInternational Monetary Fund.

It suggested that Vietnam shouldaccumulate more foreign currency reserves to stay confident in the globalintegration process. -VNA
VNA
#daily reference exchange rate #trading band #ceiling rate #floor rate #commercial banks #Vietnam forex market #Vietnam finance #VND/USD exchange rate #Vietnam news #Vietnam News Agency
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