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Saturday, February 4, 2023

U.S. dollar slides to seven-week low against Vietnam dong

By N. Tan

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HCMC – The U.S. dollar has slid to a near seven-week low against the Vietnamese dong currency at the Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank).

Vietcombank yesterday, December 5, bought the greenback at VND23,760 and sold it at just over VND24,000, a sharp decrease of around VND880 over early November.

The fall of the U.S. dollar against the dong came as a surprise, putting the dollar’s consecutive appreciation to an end.

Earlier, the exchange rate came under heavy strain, forcing the State Bank of Vietnam, the central bank, to widen the dong’s trading band from 3% to 5% on either side of the daily central exchange rate.

The Vietnamese dong has strengthened steadily since November 1, standing at around VND24,880 per dollar.

With a trading band of 5%, commercial banks could quote the exchange rate at VND24,840 per dollar at best. However, the current selling price of the dollar is way lower than this amount.

Compared to the week-ago figure, the dollar fell by VND170 against the dong on the selling side. The number tripled in the two latest trading sessions, at VND570.

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