VCN - In May, foreign currency market in the country and the world has had many fluctuations, so that, to the end of this month, the exchange rate of VND versus US$ in banks has to skyrocket.
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|The amplitude of the exchange rate of VND versus US$ in May 2018. Source: Eximbank|
Specifically, in the first trading session of the week, on 28th May, the central rate of VND versus USS was announced by the State Bank of Vietnam at 22,596 VND / USS, an increase of VND 7 compared to last week.
With the current range of ± 3%, the ceiling exchange rate applied by banks applied today is 23,273 VND / USS and the flooring exchange rate is 21,929 VND / USS.
Thus, this central rate has hit the "peak" of the central rate from the beginning of 2018 to now. Central rate has increased VND 181, equivalent to 0.8% from the beginning of the year.
Moreover, in May, the central rate has experienced many ups and downs, with a sharp rise of up to VND 20 and falling steeply. Compared with 2nd May, the central rate has increased VND 48, equivalent to 0.2%.
Because of the sharp increase of the central rate, the stability of exchange rates at commercial banks are difficult to maintain, however, the amplitude of increase and decrease recorded so far is not enough to cause a "shock".
Accordingly, after several days of consecutive falls last week, as of 13:00 pm on 28th May, exchange rates at commercial banks suddenly increased from VND10- VND30 compared to the last week’s trading session.
At Vietcombank, the exchange rate is listed at 22,775-22,845 VND / US$ (buying price – selling price), up VND 20 in both directions compared to last week.
Similarly, BIDV listed VND / US$ exchange rate at 22,765-22,835 VND/ US$, up VND20 against last week.
The USD price is listed by Eximbank at 22,760-22-850 VND / US$ (buying price –selling price) for the par value of US$ 50, an increase of VND 20 in both directions compared with 25th May.
Meanwhile, Techcombank revises up VND 30 VND in both buying and selling compared to the last week, with a current rate of 22,755-22,855 VND / US$ (buying price – selling price) for the par value of more than US$ 50 .
In contrast to the foreign currency market, gold prices in the country and the world opened the early week’s trading session in a downtrend.
At 8:30 am on 28th May, the world’s gold price fluctuated around US$ 1,298 / ounce, down about US$ 2 / ounce compared with the trading price yesterday afternoon; officially leaving the US$ 1,300 / ounce milestone after 3 consecutive sessions around this milestone.
Therefore, domestic gold prices have fallen slightly. In this mornings’ session, SJC gold price in Hanoi and Ho Chi Minh City is listed by SJC Joint Stock Company at around VND36.55-36.72 million / tael (buying- selling), down from VND50,000- VND70,000 / tael in both directions compared to yesterday.
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Thus, compared with the world’s gold price, the price of SJC gold in the country is higher than about 900,000 VND / tael.
At Bao Tin Minh Chau Jewellery Company, the price of Thang Long Dragon decreased by 50,000 VND / tael to 36,12-36,57 million VND / tael (buying- selling). However, Bao Tin Minh Chau company said that the purchase of gold jewellery and gold hoarding remained relatively balanced despite the increase in visitors.
By Huong Diu/ Huyen Trang