USD/VND reference exchange rate hits record high

December 29, 2016 | 13:22

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The State Bank of Viet Nam (SBV) on Wednesday raised the reference USD/VND exchange rate by 4 đồng, taking it to a record high of VND22,156 per US dollar.

The State Bank of Viet Nam (SBV) on Wednesday raised the reference USD/VND exchange rate by 4 đồng, taking it to a record high of VND22,156 per US dollar-Photo laodong.com.vn

This is the highest rate since the launch of the new fixing mechanism in January, wherein the central bank announces a central reference rate for the đồng/dollar every day based on an eight-currency basket and macro conditions.

Commercial banks are allowed to trade the dollar at +/-3% on either side of the reference rate, which is between VND21,491 and VND22,821 on Wednesday.

On Wednesday morning, the US dollar listed at commercial banks also inched up against the dong.

Vietinbank has increased the rate by 5 dong against Tuesday, listing the rate at VND22,730 and VND22,800 for selling and buying, respectively.

Strengthening the dollar by 5 dong, the ACB quoted its rates at VND22,735/22,805.

Techcombank sold the dollar at VND22,710/22,800, a rise of 10 dong for both buying and selling against the previous day.

In the global market, the dollar inched up against the yen on Wednesday after an upbeat US economic data reinforced expectations of economic growth under the Trump administration and likely rate hikes by the US Federal Reserve next year. The dollar rose 0.2 per cent against the yen to 117.67, adding to its gains of nearly 0.5 per cent on Tuesday in the wake of data showing that US consumer confidence has hit a 15-year peak in December.

VNS

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