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Greenback held down, but up on blackmarket
A US dollar did not cost more than VND17,000-as forecast on November 7 but the official exchange rate was within the upper reaches of the newly-introduced plus or minus 3 percent trading band and the dollar sold for VND17,300 on the street.
The State Bank of Vietnam reduced the inter bank rate by VND8 to VND16,503 per US dollar so that banks were not allowed to charge more than VND16,998.09 or less than VND16,007.91 for the greenback.
The buying-selling prices for joint stock banks such as Asia Commercial Bank, Eximbank, Sacombank and Techcombank was about VND16,890/16,998 to the dollar, up about VND200.
Vietcombank listed its buying-selling prices at VND16,930/16,950 against VND16,850/16,841 on November 6.
State-owned BIDV listed its buying-selling prices at VND16,935/16,945 and Agribank’s price was VND16,770/16,841, up about VND100.
The State-owned banks are reported to have ample US dollars for trading and BIDV general director Tran Anh Tuan said his bank was committed to keeping the exchange rate at no more than VND16,950.
Vietcombank announced it would sell dollars to customers with seasonal requirements and was reported to be providing US$70-80 million daily.
Busy black market
The availability of the dollar at State-owned banks did not dampen the enthusiasm of black-market buyers.
They dominated sellers to boost the exchange rate up 1.97 percent against November 6.
In the numerous foreign exchange agencies and gold shops on Hanoi’s Ha Trung and Tran Nhan Tong streets, the dollar sold for VND17,300/17,350 late on November 7.
The higher rate was attributed to public sentiment and speculation.
But in the non-deliverable-forward, or NDF, market-where investors anticipate the value of currencies-the monthly cost of the US dollar is expected to rise to VND17,320, VND18,190 in three months and VND18,960 in six months. It is expected to cost VND19,910 by November next year.
The more expensive US dollar caused a slight slide in domestic gold prices with the precious metal selling for VND16.55-16.66 million per tael, down VND50,000 per tael against November 6.
One tael is equivalent to 1.2 ounces.
VOV
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