Monday , December 5 2022

Dollar rises to new peak over dong after trading band widened

The U.S. dollar climbed to a new peak against the Vietnamese dong Tuesday after the State Bank of Vietnam widened the dong’s trading band from 3% to 5%.

Vietcombank hiked its rate by 0.29% to VND24,510. This means the VND has depreciated by 6.94% since the beginning of the year.

Techcombank adjusted the rate up 0.24% to VND24,550, while Eximbank increased it up by 0.29% to VND24,520.

The central bank raised its reference rate by 0.22% to VND23,637.

The central bank sold dollars worth at least $20 billion in the first nine months of to keep the forex market stable, thereby reducing Vietnam’s foreign exchange reserves to $90 billion.

The U.S. Dollar Index, which measures the greenback’s strength against six major currencies, hovers around the highest level since June 2022 at 111.885 points.

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