Vietnam: Vietnamese đồng continues its four-day rise against USD

HA NOI – The State Bank of Viet Nam (SBV) continued to decrease the reference US$/VND exchange rate yesterday by 5 Dong to touch VND22,154 per $1dollar.

This is the fourth consecutive day the central bank lowered the daily-adjusted reference rate since early this year.

The Dong has showed signs of strengthening since early this year. The US dollar has lost 180 Dong per dollar, equivalent to 0.78 per cent in value, in the last four days.

Commercial banks are allowed to trade the dollar at +/-3 per cent on either side of the reference rate, which is between VND21,489 and VND22,819 yesterday.

The US dollar listed at banks continued to fall against the Dong yesterday and has been trading at the lowest level since December 10, 2016.

Vietcombank listed the rate at VND22,520 and VND22,600 for buying and selling, respectively, down 65 Dong for both buying and selling from the day before.

BIDV quoted its rate at VND22,530/ VNĐ22,610, down 85 Dong for buying and 75 Dong for selling.

Vietinbank also cut the buying rate by 75 Dong to VND22,520 per US dollar and the selling rate by 75 Dong to VND22,590 per dollar.

Other banks including Eximbank, Asia Commercial Bank and HD Bank also lowered their USD/VND exchange rates, quoting the US dollar around VND22,500/VND22,630.

The sharp weakening of the dollar against the Dong was attributed to the slump of the greenback on international markets in the past five days.

The Wall Street Journal Dollar Index, a measure of the value of the US dollar relative to 16 foreign currencies, retreated from the 14-year peak on Thursday, tumbling 1 per cent to 92.08 points.

Gold rises

On the domestic market, gold prices have continued to rise since the beginning of the year.

The gold price of Sai Gon Jewellery Holdings Co (SJC) increased by VND30,000 per tael yesterday to hit VND36.38 million (US$1,609) and VND36.68 million ($1,622) for buying and selling.

SJC gold has gained VND230,000 per tael since January 3.

SJC gold prices listed by both Doji SJC and Phu Quy Company climbed by VND60,000 per tael yesterday to hit VND36.53/VND36.65 million.

Meanwhile, gold produced by Bao Tin Minh Chau Gold and Jewellery Company (Rong Thang Long) rose VND100,000 per tael to VND34.27 million per tael.

On the global market, gold is trading at around $1,178.7 per ounce, up $5 per ounce from Thursday. – VNS

Source: http://vietnamnews.vn/economy/349327/vietnamese-dong-continues-its-four-day-rise-against-usd.html#Vf8cOFzCgSKcF1PD.99