Dollar rates cut as US rates remain unchanged
Dollar rates cut as US rates remain unchanged
The dollar–dong exchange rates eased this morning at domestic commercial banks, following a decision by the United States Federal Reserve (Fed) to keep its interest rates steady.
Vietcombank slashed both the buying and selling rates of the American dollar by 25 dong from yesterday's close, listing them at VND22,445 and VND22,505 per dollar, respectively.
Vietinbank quoted its buying rate at VND22,445 per dollar and the selling rate at VND22,500 per dollar, both down 40 dong.
BIDV cut its buying rate by 25 dong to VND22,460 per dollar and the selling rate by 20 dong to VND22,520 per dollar.
At Eximbank, the buying rate was down 40 dong to VND22,430 per dollar and the selling rate dropped by 35 dong to VND22,510 per dollar.
Similar rate adjustments were reported at DongA Bank, which bought a dollar for VND22,460 and sold it for VND22,510.
ACB lowered its buying rate by up to 50 dong to VND22,420 per dollar, and the selling rate by 45 dong to VND22,500 per dollar.
Currently, the average inter-bank exchange rate is VND21,890 per dollar. The State Bank of Viet Nam has listed the buying rate at VND21,800 per dollar and the selling rate VND22,475 per dollar at its head office.
The dollar – dong exchange rates increased sharply after the central bank devalued the dong by one per cent, and widened the trading band for the reference rate to three per cent last month, in a bid to minimise the negative impact of the sharp Chinese yuan depreciation.
Market speculations about a Fed Reserve rate hike have fuelled worries about even more pressure on the domestic currency and economy, especially when Viet Nam's current account balance is sliding into a deficit.
