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As the US dollar continues to strengthen globally, banks in Vietnam recently traded the dong against the greenback at the lowest rate in two years. At state-owned Vietcombank, the dong declined by 0.3 per cent from last weekend to VND 23,510 per US dollar. It fell by 0.26 per cent at Vietinbank and 0.34 per cent at BIDV, both state-owned.
The currency is 0.17 per cent weaker at Eximbank and 0.21 per cent weaker at Sacombank, both private lenders.
As the US dollar continues to strengthen globally, banks in Vietnam recently traded the dong against the greenback at the lowest rate in two years. At state-owned Vietcombank, the dong declined by 0.3 per cent from last weekend to VND 23,510 per US dollar. It fell by 0.26 per cent at Vietinbank and 0.34 per cent at BIDV, both state-owned.
The changes followed the State Bank of Vietnam, which has been pumping more US dollars into the market to reduce pressure on the exchange rate, letting the dong slide by 0.04 per cent against the greenback to VND 23,121, the lowest this year, media in the country reported.
The central bank has sold over $10 billion to the market this year, or around 10 per cent of the country’s foreign exchange reserves, to stabilise the market, according to an estimate by RongViet Securities.
Fibre2Fashion News Desk (DS)
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