US dollar continues gaining against Vietnamese dong, hitting exchange ceiling
The US dollar has continued to strengthen against the Vietnamese dong (VND) as the exchange rate hit the ceiling limit across commercial banks on April 16 morning.
The greenback has gained 3.6 per cent against the VNĐ since the beginning of 2024. (Photo: VNA)
Hanoi (VNS/VNA) - The US dollar has continued tostrengthen against the Vietnamese dong (VND) as the exchange rate hit the ceilinglimit across commercial banks on April 16 morning.
At noon, Vietcombank posted rates ranging from 24,978 VND to 25,348VND for buying and selling, marking an increase of 168 VND from April 15.Similarly, BIDV's rates were recorded at 25,036 VND and 25,346 VND, whileVietinbank's rates stood at 25,020 VND and 25,348 VND.
The State Bank of Vietnam (SBV)’s official rate was posted at 24,141VND, an increase of 45 VND from the previous day. Under the /-5% margin, banksare implementing a ceiling exchange rate of 25,348 VND per US dollar and afloor exchange rate of 22,933 VND per US dollar.
On April 15, the exchange rate experienced significantfluctuations following a week of pronounced dollar gains. The US Dollar Index(DXY), gauging the greenback's strength against a basket of six majorcurrencies, surged by 2.6% last week and presently maintains a sidewaysmovement around the 106-point threshold.
Since April 12, the US dollar has been strengthening against the Vietnamesedong for four consecutive days from an exchange rate of 24,096 VND per USdollar.
Since the beginning of the year, the greenback has gained 3.6%against the Vietnamese dong, pushing the exchange rate to the ceiling limit setby the central bank./.
Experts predict that recent fluctuations in foreign exchange rates are short-term, and the Vietnamese currency, the dong, will trend to appreciate again in the medium to long term.
The likelihood of a soft landing of the US economy and the possibility that the Federal Reserve (Fed) will begin cutting interest rates which may drive the USD downward in 2024 will ease the inflationary pressure on the Vietnamese economy, according to experts.
Many enterprises are concerned about adverse impacts of the sharp appreciation of the US dollar on their business and production if the greenback continues to see fluctuation in the future, especially at the middle and end of the year.
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The greenback has gained 3.6 per cent against the VNĐ since the beginning of 2024. (Photo: VNA) 
