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Firms speed up selling dollars
Exporters Wednesday started to sell dollars in large amounts following indications that authorities will take strong measures to cool the greenback fever down.
Demand for the dollar has been desperate since a major devaluation of the dong two weeks ago pushed up the exchange rate, resulting in persistent hoarding of the foreign currency.
But exporters holding a good amount of the greenbacks have sold them out quickly, worrying over a plunge in price, a sales manager of a bank’s treasury department of said.
The dollar traded at VND21,320 at banks, VND430 higher than the officially quoted rate, whereas many exporters offered it at VND21,380-21,480 to importers.
Dollars’ prices slightly edged up early yesterday at VND22,230 on the unofficial market but drastically slumped afterwards given strong take-profits from speculators who wanted to sell them fast to secure gains. The greenback was later sold at VND22,100.
Gold prices accordingly fell VND210,000 to VND37.61 million per tael.
Nguyen Thi Cuc, Deputy Director of Phu Nhuan Jewelry Joint Stock Company, said investors sold 1,480 taels to her company yesterday.
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