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Dong dips to new low against the greenback

By Minh Son   August 13, 2018 | 11:23 pm PT
Dong dips to new low against the greenback
A picture illustration of the U.S. dollar banknotes. Photo by Reuters/Dado Ruvic
The U.S. dollar strengthened against the Vietnamese dong on Tuesday as the central bank upped its reference rate.

The State Bank of Vietnam (SBV) set its highest-ever reference rate for the greenback at VND22,686 on Tuesday, up VND10 from last Saturday.

Eximbank and Vietcombank were selling the U.S. dollar for VND23,350 at 10:29 a.m. Tuesday, up VND10 from last Saturday.

A recent report by the Ho Chi Minh City Securities Corporation (HSC) estimates that the SBV has sold about $2.5 billion in total since July, intervening to keep the exchange rate stable.

The report forecast that the U.S. dollar will continue to strengthen against the dong to reached VND23,500 in the upcoming months.

The SBV might sell $6-12 billion of its foreign exchange reserves by the end of this year, including the amount it has already sold, the HSC report said.

Experts have forecast the dollar to rise by 3 percent this year against the dong.

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