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Đồng rallies against US dollar

Update: November, 22/2016 - 15:00
The central bank this morning brought down the reference đồng/dollar exchange rate by 4 đồng, to VNĐ21,120 per dollar. - Photo
Viet Nam News

HÀ NỘI – After rising continuously for the past few weeks, the đồng/US dollar exchange rate declined this morning, owing to the devaluation of the American currency in the global market.

On Tuesday morning, the State Bank of Việt Nam brought down the reference đồng/dollar exchange rate by 4 đồng, to VNĐ21,120 per dollar.

Following the central bank’s move, commercial banks also adjusted their buying and selling .

Vietcombank listed the buying/selling rates at VNĐ22,480/VNĐ22,580 per dollar, down 20 đồng against Monday.

The BIDV’s rates were VNĐ22,500/VNĐ22,570, down 20 đồng for buying and 30 đồng for selling against Monday.

Vietinbank brought down its selling rate by 15 đồng and raised the buying rate by 15 đồng to offer the rates at VNĐ22,490 đồng/VNĐ22,590.

The ACB reduced its rate to VNĐ22,480/VNĐ22,570.

In the unofficial market, the đồng/dollar exchange rate was listed at VNĐ22,620 per dollar for buying and VNĐ22,650 for selling, down 50 đồng against Monday.

In the global market, the dollar was on the back foot on Tuesday after a 10-day rising streak as investors consolidated their gains. The US currency has risen nearly 5 percent over the last 10 days, with investors betting on increased fiscal spending by the incoming Trump administration, which is expected to stoke inflation and propel interest rates up. 

The dollar’s index against a basket of six major currencies slipped to 100.87, off its 13 1/2-year high, which it touched last Friday.

On Tuesday, the dollar slipped to 110.48 yen from Monday’s high of 111.36, its highest level since May 30. It last stood around 110.63 yen. - VNS

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