The daily reference exchange rate was set at 22,653 VND/USD on July 16, up 5 VND from the end of previous week. Illustrative image (Photo: VNA)
Hanoi (VNA) - The daily reference exchange rate opened the weekup 5 VND from the end of previous week to 22,653 VND/USD.
With the current trading band of +/- 3 percent, the ceiling rate appliedto commercial banks during the day is 23,332 VND/USD and the floor rate 21,974VND/USD.
The rates listed at commercial banks stayed stable.
Both Vietcombank and BIDV are listing their buying rate at 23,010VND/USD and the selling rate at 23,080 VND/USD, unchanged from the last day ofprevious week (July 13).
At Vietinbank, the buying rate went up 10 VND to 23,019 VND/USD whilethe selling rate remained the same as on July 13 at 23,089 VND/USD.
Last week, the reference exchange rate went down on Monday, being set at22,632 VND/USD, but then rose for three consecutive days before going downagain on Friday to 22,648 VND/USD.
Foreign exchange rates are likelyto rise strongly due to concerns that the US-China trade war may be escalating,according to a report on Vietnamese macroeconomy for the second quarterreleased by the Vietnam Institute for Economic and Policy Research (VEPR) underthe University of Economics, an affiliate of the Hanoi National University, onJuly 11.
The report said the Fed’s secondinterest rate hike in the second quarter of this year was one of the keyfactors pushing up US dollar prices and depreciating the domestic currency, thusaffecting the US dollar-Vietnamese dong exchange rate in the period underreview.
The report went on to say thatthe foreign currency reserve (FCR) stands at 63.5 billion USD, equivalent tonearly 13 weeks of imports, and is the minimum national FCR recommended by theInternational Monetary Fund.
It suggested that Vietnam shouldaccumulate more foreign currency reserves to stay confident in the globalintegration process. -VNA
There will be no big changes in market prices in the remaining months of this year, price management officials said at a conference on market price developments in the first half and forecasts for the whole year in Hanoi on July 3.
The State Bank of Vietnam (SBV)’s recent response to the continuous rise of USD prices has demonstrated its readiness to make an intervention in order to stabilise the foreign exchange market.
Foreign exchange rates are likely to rise strongly due to concerns that the US-China trade war may be escalating, said Director of the Vietnam Institute for Economic and Policy Research (VEPR) Nguyen Duc Thanh.
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The industry's performance has been powered by bold investments in modern production lines, enabling Vietnamese firms to produce complicated products which were exclusive to advanced economies.
The daily reference exchange rate was set at 22,653 VND/USD on July 16, up 5 VND from the end of previous week. Illustrative image (Photo: VNA) 
