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VND17,000/US$1 threshold broken, people rush to sell dollars
The VND/US$ exchange rate dropped to VND16,930-16,950/US$1 this morning on the black market. The greenback is no longer an attractive investment channel, as the gap between the rate quoted by commercial banks and the black market rate has narrowed.
Ha Ba Trung street in Hanoi, which boasts a lot of gold and foreign currency trading shops, was very bustling this morning with a lot of people seeking to sell dollars. This was quite a contrast to one week ago, when the market was quiet, and there were only buyers and no sellers.
Analysts say that people are rushing to sell dollars at this moment for fear that prices will go down further. Some of them had to buy dollars at high prices and they are trying to sell dollars now to cut losses.
At 9 am, Quoc Trinh shop quoted the dollar price at VND16,850/US$1 (purchase) and VND16,950/US$1 (sale). Other shops quoted the prices of VND16,880-16,930/US$1.
As such, the gap between the rate quoted by commercial banks and the black market’s rate has narrowed. The State Bank announced the VND/US$ exchange rate at VND16,513/US$1 for July 11, while commercial banks’ rates are VND16,838 and VND16,848 for purchase and sale.
Analysts say that the greenback prices have been decreasing considerably because the Bank for Investment and Development of Vietnam BIDV and Techcombank have pledged to provide enough dollars to feed businesses’ demands for import key products.
VNN
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