US dollar exchange rate makes record high in Vietnam

The State Bank of Vietnam raised reference exchange rate by VND10 per dollar to VND23,040 per dollar on May 7, the highest level since the central bank first applied this mechanism in 2016.

US dollar exchange rate makes record high in Vietnam

At commercial banks, the prices of US dollar also rebounded after cooling down last week. Particularly, two state-owned banks, Vietcombank and BIDV, both raised VND40 per dollar in buying price to VND23,275 and VND60 per dollar in selling price to VND23,395.

Eximbank added VND50 per dollar to buying and selling prices to VND23,300 per dollar  and VND23,380 respectively. ACB increased VND50 per dollar in buying price to VND23,300 and VND60 per dollar in selling price to VND23,390.

On free market, the US dollar exchange rate also exceeded VND23,300 per dollar after climbing by VND30-VND35 per dollar compared to the previous day but was still lower than dollar selling prices of commercial banks by VND70-80 per dollar. Meanwhile, the US dollar on global market tended to decline.

The US Dollar Index, which tracks the greenback’s strength against a basket of other major currencies, was at 97.4 points at 3 p.m. on May 7, down 0.2 percent compared to the same time on the previous day. The US dollar fell to a five-week low with the Japanese yen and was weaker than other major currencies after the US President Donald Trump announced that import tariffs of goods imported from China would be increased strongly this week.

The Asian stock market closed mixed on May 7.

Vietnam’s stock market dipped 0.4 points, or 0.04 percent, to close at 957.56 points with 152 winners and 144 losers. Noticeably, foreign investors shifted to net sell more than VND203 billion after net buying for four consecutive trading sessions. Liquidity was at low level with total trading volume on both trading floors at 195 million shares, worth VND3.9 billion.

Japanese Nikkei also cut 1.51 percent. Meanwhile, some other markets recovered. Shanghai Composite Index revived nearly 0.7 percent after losing 5.6 percent in the previous trading session. Shenzen Composite Index regained 1.61 percent. Hong Kong’s Hang Seng Index rose more than 0.3 percent. Australian ASX 200 Index surged 0.19 percent.

By Nhung Nguyen – Translated by Thuy Doan

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