Friday, July 28 2017

VietNamNews

Exchange rates stable despite Fed rate hikes

Update: June, 15/2017 - 15:00
Exchange rates remain stable after Fed rate hikes on Wednesday. — File Photo
Viet Nam News

HÀ NỘI — The VNĐ/USD exchange rates saw little changes this morning although the US Federal Reserve (Fed) raised interest rates on Wednesday on the confidence in a growing economy and strengthening job market in the world’s biggest economy.

The State Bank of Việt Nam this morning listed the daily reference rate at VNĐ22,405 to a dollar, three đồng lower than Wednesday’s rate.

The exchange rates at commercial banks did not see significant changes.

At Vietcombank, the buying rate was VNĐ22,655 and the selling rate was VNĐ22,725 at 10.30 am, 10 đồng lower than Wednesday.

The exchange rates at MB Bank dropped from VNĐ22,750 to a dollar on Wednesday to VNĐ22,720 this morning.

At Bank for Investment and Development of Việt Nam (BIDV), exchange rates saw no change compared with Wednesday, being listed at VNĐ22,665 for buying rate and VNĐ22,735 for selling rate.

The Federal Reserve raised interest rates on Wednesday for the second time in three months, forecasting one more hike this year. The benchmark lending rate was lifted by a quarter percentage point to a target range of 1 per cent to 1.25 per cent.

Experts said that the State Bank of Việt Nam’s policies on exchange rates helped the market avoid external shocks, adding that the Fed rate hikes would not have significant impacts on VNĐ/USD exchange rates.

The National Financial Supervisory Committee recently forecast the Fed rate hikes, but small increases each time would not insert significant pressure on exchange rates.

However, the committee warned that the exchange rates would be under pressure from high trade deficit in the remaining months of 2017.

Gold prices

The domestic gold prices remained stable despite huge fluctuations in gold prices in the global market.

At 10.45 am, SJC gold traded at VNĐ36.33-VNĐ36.39 million per tael at Bảo Tín Minh Châu, unchanged from the closing prices Wednesday and VNĐ36.23 to VNĐ36.43 million at SJC, VNĐ10,000 lower per tael.

The gold price in the global market saw huge fluctuations after the Fed rate hikes. It even rose by $15 to touch $1,288 per ounce but decreased after that to close at $1,260.

At 11 am (local time), gold was trading at $1,263.6 per ounce on Nymex and $1,264.10 on Kitco. — VNS

 

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