US dollar devalued against dong despite global rise

Thursday, Feb 08, 2018 18:38

Vietcombank on Thursday listed the dollar at VND22,650 and VND22,720 for buying and selling. — Photo

Domestic commercial banks on Thursday continued devaluing the US dollar against the Vietnamese dong for the second consecutive session, despite a rise of the greenback in the global market.

The decline was seen in the context of the country’s abundant dollar supply source, while having no demand pressure. Viet Nam’s foreign reserves hit record high of more than US$57 billion till February 6, according to the State Bank of Viet Nam (SBV)’s Governor Le Minh Hung.

State-owned Vietcombank on Thursday listed the dollar at VND22,650 and VND22,720 for buying and selling, respectively, down VND10 against the previous day and VND25 from Monday.

BIDV also cut the buying and selling rate by VND25 and VND15 to quote the dollar at VND22,650 and VND22,730, respectively, while the decreasing rate at Vietinbank is VND9 to VND22,652 for buying and VND22,722 for selling.

The same move was also seen at joint stock commercial banks, with a decrease of VND15-25 per dollar.

ACB devalued the dollar by VND20 against the previous day to VND22,650 for buying and VND22,720 for selling, while Techcombank listed it at VND22,650 and VND22,740 for buying and selling, respectively.

The SBV on Thursday also set the daily reference exchange rate at VND22,435 per dollar, down by VND10 from the previous day.

With the current trade band of +/- 3 per cent, the ceiling rate applied to commercial banks during the day is VND23,108 and the floor rate is VND21,762.

In the global market, the dollar was supported after a budget deal in Washington, rising against a broad range of currencies. US congressional leaders reached a two-year budget deal on Wednesday to raise government spending by some US$300 billion. The dollar index rose to a two-week high of 90.403 on Wednesday and last stood at 90.251. — VNS

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