The U.S. dollar has been consistently depreciating against the Vietnamese dong recently, on both formal and informal markets. Besides the impact of the dollar fall on global markets, what other factors are contributing to this trend? From global market impact… On August 26, multiple banks simultaneously cut their buying and selling prices of the U.S. dollar by VND100-130. For example, Vietcombank reduced its buying and selling prices by VND100, bringing them down to VND24,710-25,050 to the dollar, the lowest in nearly four months. VietinBank made an even steeper cut of VND130, while Techcombank lowered its buying price by VND128 and its selling price by VND129, and other banks made cuts of VND110 to VND120. Last month the dollar price at banks began edging lower. Compared to early August, the greenback price at many banks has dropped by nearly VND400, equivalent to a decrease of nearly 1.5%. This marks the second consecutive month of significant dollar depreciation at banks, ending the considerable appreciation of the dollar in the first half of the year, especially in the second quarter. The dollar on the informal market has also followed suit, falling by VND430 against the end of July. Over the past two months, […]
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