Dollar plunges at banks
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The U.S. dollar plunges at commercial banks Monday morning, with Techcombank selling it at VND24,135 ($0.99), down 0.64% from the previous weekend.
Vietcombank sold the greenback 0.41% lower at VND24,140. Eximbank let the dollar slide 0.33% to VND24,250.
The State Bank of Vietnam (SBV) set its exchange rate at VND23,658, down 0.008%.
The greenback was sold VND24,615 on the black market, the same as the previous weekend.
The dollar struggled to gain a foothold on Monday and was languishing at five-month lows as traders looked past stronger than anticipated U.S. jobs data, while growing hopes of China reopening boosted risk sentiment.
The dollar index, which measures the currency against six major peers, including the yen and euro, was down 0.18% at 104.28, its lowest since June 28. The index fell 1.4% last week.
Questions & Answers
Q.Which commercial banks saw the largest drop in the dollar's value on Monday?
Which commercial banks saw the largest drop in the dollar's value on Monday?
Techcombank experienced the largest drop among the commercial banks mentioned, with the dollar falling 0.64%. Vietcombank saw a 0.41% decrease, while Eximbank's dollar rate slid 0.33%.
Q.How did the State Bank of Vietnam's exchange rate compare to the commercial banks' rates?
How did the State Bank of Vietnam's exchange rate compare to the commercial banks' rates?
The State Bank of Vietnam set its exchange rate at VND23,658, a minor decrease of 0.008%. This was significantly lower than the selling rates observed at commercial banks like Techcombank and Vietcombank.
Q.What factors contributed to the dollar's five-month low on Monday?
What factors contributed to the dollar's five-month low on Monday?
Traders overlooked stronger U.S. Jobs data, while increasing optimism about China's reopening bolstered risk sentiment. This combination prevented the dollar from gaining ground, leading to its lowest point in five months.
Q.How did the black market dollar rate compare to the official bank rates?
How did the black market dollar rate compare to the official bank rates?
The dollar was sold at VND24,615 on the black market, remaining unchanged from the previous weekend. This rate was higher than the selling prices offered by commercial banks like Techcombank, Vietcombank, and Eximbank.
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