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Dong continuously slides against dollar on local market

The US dollar today continuously strengthened against the Vietnamese dong at local banks and on the informal domestic market.

The greenback, however, held near a three-week low against a basket of six major currencies in the global market as investors viewed the recent strengthening as excessive.

Domestic banks this morning moved up against the dollar by 15-20 dong to VNĐ22,770 per dollar, while the dollar was traded at VNĐ23,320 on the informal market.

Vietcombank quoted the greenback at VNĐ22,680 and VNĐ22,760 for buying and selling, respectively, increasing by 25 dong against yesterday morning.

Vietinbank listed the rates higher at VNĐ22,695 and VNĐ22,765, up 20 dong from yesterday.

Meanwhile, Eximbank raised dollar prices by 10 dong to VNĐ22,700 for buying and VNĐ22,770 for selling.

The State Bank of Việt Nam today announced the dong-dollar reference exchange rate at VNĐ22,120 per dollar, up two dong from yesterday. With the current trading band of 3 per cent on either side of the central bank’s reference rate, commercial banks are allowed to trade the dollar at between VNĐ22,456 and VNĐ22,784.

On the informal market, the dollar was sold at VNĐ23,320 per dollar and bought at VNĐ23,220.

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