Reference exchange rate reaches record high on May 8
The State Bank of Vietnam set the daily reference exchange rate at 23,046 VND per USD on May 8, up 6 VND from the previous day (May 7) and the highest level ever.
Hanoi (VNA) - The State Bank of Vietnamset the daily reference exchange rate at 23,046 VND per USD on May 8, up 6 VND fromthe previous day (May 7) and the highest level ever.
With the current trading band of +/- 3 percent, the ceiling rate applied by commercial banks for the day is 23,737VND/USD and the floor rate is 22,355 VND/USD.
The opening hour rates atcommercial banks also rose strongly.
At 8:15 am, Vietcombank listedthe buying rate at 23,275 VND per USD, up 40 VND from May 7 and the sellingrate at 23,395 VND per USD, up 50 VND.
BIDV also raised the buying rateby 40 VND to 23,280 VND/USD and added 60 VND to the selling rate to 23,400 VND/USD.
Techcombank increased the buyingrate by 40 VND to 23,255 VND/USD and the selling rate by 60 VND to 23,395VND/USD.
As such, the daily reference exchangerate has gained a total 16 VND since the beginning of the week (May 6), and thelisted rates at commercial banks also picked up by 40-60 VND after stayingstable for many days.
According to analysts at BaoViet Securities Company, the rise is attributable to the US dollar gainingstrength from most other currencies.
Besides, the State Bank ofVietnam has bought a large volume of US dollars, with 8.35 billion USD netbought as of April 18, which put pressure on the exchange rate.
However, the company stillbelieves that the exchange rate at commercial banks will be stable with thelocal currency’s depreciation kept under 2 percent, considering the country’shigh foreign exchange reserves and the State Bank’s ability to control theexchange rate. –VNA
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Illustrative image (Source: VNA) 
