US dollar exchange rate continues to devalue

The US dollar exchange rate dropped for a third day in a row on January 27, losing about VND100-120 per dollar in total.
The State Bank of Vietnam’s central rate was lowered VND5 per dollar over the previous day to VND21,893 per dollar. Accordingly, with a range of +/-3 percent, credit institutions are allowed to trade dollar between VND21,236 and VND22,550 per dollar.
A leader of the State Bank of Vietnam – Ho Chi Minh City Branch said that the US dollar exchange rate and foreign currency market now are closely related to supply and demand of foreign currency of the economy. Changes in US dollar exchange rate for the present and in the future are absolutely normal and in accordance with foreign currency market demand which will be definitely different from earlier movements because of the central bank’s new administrative policies, speculation factor has been excluded.

By Hanh Nhung – Translated by Thuy Doan

Other news