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$2 bank notes hunted for Tet presents
The foreign currency black market in Hanoi remains hot, though it is December 28th of the Lunar Year, or just two days before Tet. The dollar price on the market today has increased by VND20/US$1 over yesterday. A lot of people are hunting $2 bank notes to give to children as Tet presents.
Foreign exchange shops this morning have raised the sale price of the dollar by tens of VND per dollar, while keeping the purchase price the same. The margin between sale and purchase prices is VND50/US$1 on average.
Most clients coming to purchase dollars are petty merchants who need dollars to make payments before Tet. Meanwhile, a lot of people have been hunting for small face value bank notes to give to children as Tet presents.
Commercial banks still see a big number of clients coming to make foreign currency transactions. However, many people come to gold or foreign exchange shops instead of banks as they need dollars urgently.
The interbank exchange rate announced by the State Bank of Vietnam is VND16,973/US$1 for today, a decrease of VND2/US$1 over yesterday. The sale prices quoted by commercial banks are still below the VND17,500/US$1 threshold.
While the black foreign currency market is bustling, the gold market seems to be quieter. People are not frequenting gold shops now as they purchased gold earlier this week, when the gold price dropped to below VND17.6mil/tael.
Meanwhile, some gold companies have allowed their staffs to stay home from work for the Tet holiday. SJC Hanoi said that it will resume trading at Ruby Plaza on January 8 of the Lunar New Year (February 2, 2009).
SJC gold has seen a slight price increase with the purchase price VND20,000/tael higher than yesterday afternoon, at VND17.7mil/tael. The sale price is the same as yesterday morning’s, but is VND40,000/tael higher than yesterday afternoon’s, at VND17.82mil/tael. The gap between sale and purchase prices is as high as VND120,000/tael.
In Asia’s market, at 9.45 am Hanoi time, the gold price with spot delivery remained unchanged in comparison with the previous trading session, at $853.2/oz. Many markets in Asia, like China, are seeing trade activities quieter as the Tet atmosphere is pervading the markets.
The precious metal market is now only seeing fluctuations in Europe and the US.
The greenback has been increasing slightly against the euro with one euro converted to $1.29.
VNE
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