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Price of US dollar reaches threshold of VND17,000/USD
The price of US dollar on October 23 on the free market continuously increased and officially reached the threshold of VND17,000/USD. Its price at some stores on Ha Trung Street, Hanoi was transacted at VND16,000-17,000 per USD, increasing by VND80-100 per USD compared with transactions on October 22.
Meanwhile, according to the announcement of the State Bank of Vietnam, the average interbank rate on October 23 fell by VND1 per USD compared to October 22, to reach VND16,520 per USD.
The USD/VND exchange rate set by Vietcombank was VND16,800-16,850 per USD, which means the buying price was up by VND30/USD while the selling price was up by VND5/USD.
The domestic price of the US dollar began to increase sharply starting October 21. After a long period of stability, the price of the dollar at commercial banks was up VND100-130 per USD, to VND16,720-16,800 per USD. On the free market, the selling price stood at VND16,900/USD, up VND200/USD.
The price continued to increase on October 22 and was transacted at VND16,770-16,845 per USD at Vietcombank. On the free market, it was bought and sold at VND16,820-16,900 per USD, showing insignificant change.
With these controls, USD/VND buy/sell rate of some banks nearly touched the peak of the allowed variance of ±2%.
The chief reason for the above-mentioned situation is the global economic crisis, according to finance experts. Another factor is that the demand for USD increases at the end of the year as import-export activities increase. The remittance of foreign currency to Vietnam may decrease this year.
VOV
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