Reference exchange rate goes up for fifth consecutive day
The daily reference VND/USD exchange rate rose for the fifth consecutive day on June 22 as the State Bank of Vietnam (SBV) set it at VND22,433 per USD, up VND5 compared to the previous day.
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With the current trading band of +/- 3%, the ceiling rate applied to commercial banks during the day is VND23,105 and the floor rate VND21,761 per USD.
The rates listed at commercial banks in the opening hour were nearly unchanged.
Vietcombank and BIDV maintained both rates unchanged from June 21 at VND22,690 (buying) and VND22,760 (selling).
The rates at Techcombank were 22-650 (buying) and VND22,770 (selling), the same as those on June 21.
The SBV’s transaction office also raised the buying rate for the greenback by VND50 to VND22,725. This is the third time this year it increased the buying rate for USD.
Overall, the VND/USD exchange rate still maintains a stable trend after the second interest rate hike by the US’s Fed this year, which is different from the situation in previous year.
The stability was attributable to the policy on proactive response to outside developments, particularly the management of the exchange rate in the form of the daily reference rate.
Analysts said the decision to increase the buying rate of the greenback is also a step under the policy, showing the SBV’s intention to expand the foreign reserve, curb the revaluation of the VND and indirectly assist exports.
