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An worker counts U.S. banknotes at a financial institution in Hanoi. Photograph by VnExpress/Giang Huy
The U.S. greenback continues to realize in opposition to the Vietnamese dong on the unofficial trade market as traders look to the dollar as protected haven amid international financial uncertainty.
A greenback was bought at VND24,310 Thursday at unofficial trade factors, up 0.25 p.c from Wednesday.
This implies the USD has gained by round 1.04 p.c this week on the unofficial market.
Vietnam solely permits foreign exchange to be exchanged at banks, however native residents typically go to jewellery outlets to commerce for comfort.
The State Financial institution of Vietnam (SBV) on Thursday let the dong slide by 0.01 p.c from Wednesday.
The VND was unchanged at Vietcombank at VND23,530 however declined marginally at Techcombank to VND23,534.
The USD Index has climbed up 17 p.c year-on-year and is round its 20-year excessive stage as traders purchased extra of the protected haven foreign money amid international financial uncertainty.
The VND hit a two-year low in opposition to the dollar earlier this month. It has depreciated by over 2 p.c this yr, in comparison with a double-digit decline of many different currencies.
Rong Viet Securities estimates that the State Financial institution of Vietnam has bought $12-13 billion to the market since earlier this yr, or 11 p.c of its overseas trade reserve, to make sure a steady provide of the dollar.
Thailand’s overseas trade reserve is now at a two-year low, whereas that of South Korea and India is at a one-year low, in response to Bloomberg.
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