Friday , May 24 2024

USD gains on unofficial market

The U.S. dollar continues to gain against the Vietnamese dong on the unofficial exchange market as investors look to the greenback as safe haven amid global economic uncertainty.

A dollar was sold at VND24,310 Thursday at unofficial exchange points, up 0.25 percent from Wednesday.

This means the USD has gained by around 1.04 percent this week on the unofficial market.

Vietnam only allows foreign currencies to be exchanged at banks, but local residents often go to jewelry shops to trade for convenience.

The State Bank of Vietnam (SBV) on Thursday let the dong slide by 0.01 percent from Wednesday.

The VND was unchanged at Vietcombank at VND23,530 but declined marginally at Techcombank to VND23,534.

The USD Index has climbed up 17 percent year-on-year and is around its 20-year high level as investors bought more of the safe haven currency amid global economic uncertainty.

The VND hit a two-year low against the greenback earlier this month. It has depreciated by over 2 percent this year, compared to a double-digit decline of many other currencies.

Rong Viet Securities estimates that the State Bank of Vietnam has sold $12-13 billion to the market since earlier this year, or 11 percent of its foreign exchange reserve, to ensure a stable supply of the greenback.

Thailand’s foreign exchange reserve is now at a two-year low, while that of South Korea and India is at a one-year low, according to Bloomberg.

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