Reference exchange rate rises further on December 6
The State Bank of Vietnam set the daily reference exchange rate on December 6 at 22,762 VND per USD, up 5 VND from the previous day (December 5), which is the highest rate since the beginning of the year.
Hanoi (VNA) - TheState Bank of Vietnam set the daily reference exchange rate on December 6 at22,762 VND per USD, up 5 VND from the previous day (December 5), which is thehighest rate since the beginning of the year.
With the current trading band of +/- 3 percent, the ceiling rate applied to commercial banks during the day is23,444 VND/USD and the floor rate 22,080 VND/USD.
The opening hour rates atcommercial banks also rose compared to the previous day.
Vietcombank added 10 VND to bothrates, listing the buying rate at 23,270 VND/USD and the selling rate at 23,360VND/USD.
The rates at BIDV stayed at thesame level as on late December 5, at 23,265 VND/USD (buying) and 23,355 VND/USD(selling), which were 25 VND higher than the opening hour rates on December 5.
At Techcombank, both rates were raisedby 15 VND to 23,240 VND/USD (buying) and 23,350 VND/USD (selling).
The daily reference exchangerate has been on a rising trend since mid-November, gaining a total 41 VND fromNovember 16.
Experts attributed the rise togreat demand for foreign currencies at the end of the year, when many firmsrush to make payment to trade partners or pay foreign currency debts.
The US dollar is also forecastto appreciate towards the end of the year due to the US-China trade war, and thepossibility that China would use monetary policy to ease the trade dispute’simpacts.
However, the exchange rate islikely to stay stable, experts said, noting that the State Bank of Vietnam is consistentwith its policy on exchange rate control and the use of many tools to managethe exchange rates and the forex market.-VNA
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Illustrative image (Source: VNA) 
