The State Bank of Vietnam set the daily reference exchange rate at 23,250 VND per USD on March 25, down 10 VND from the previous day.
|Transactions at BIDV (Source:BIDV) |
With the current trading band of +/-3 percent, the ceiling rate applied to commercial banks during the day is 23,947 VND/USD and the floor rate 22,552 VND/USD.
The opening hour rates at most commercial banks dropped remarkably.
At 8:25 am, Vietcombank listed the buying rate at 23,460 VND/USD, and the selling rate at 23,650 VND/USD, both down 100 VND from March 24.
BIDV also cut the buying rate by 100 VND, listing at 23,490 VND/USD and reduced the selling rate by 10 VND to 23,650 VND/USD.
Meanwhile, Techcombank cut 65 VND from the buying rate, listing the rate at 23,500 VND/USD, and 60 VND from the selling rate to 23,660 VND/USD.
On the previous day, the State Bank Exchange cut 258 VND from the selling rate to 23,650 VND per USD amid the rapid rise in exchange rate recently, while maintaining the buying rate at 23,175 VND/USD.
The move followed a message by the SBV on March 23 that the central bank is ready to intervene when necessary to stabilize the forex market.