Foreign Currency Strain Has Not Ended, Vietnam Financial News
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The US dollar has depreciated on the world market and weakened against most major currencies after Brazil, Russia and China decided to convert US$70 billion from US dollar reserves into other currencies. In the past three months, the US dollar lost 9 per cent because investors sold US dollar notes to buy other assets which are expected to generate wider margins.
Commercial banks usually quoted the highest exchange rate within the trading band of +/-5 per cent. In the past 10 days, they quoted the same bid/ask prices, instead of higher selling price. On June 17, commercial banks quoted both buy/sell prices at 17,800 dong per US dollar. On the free market, people queued to buy the greenback, leading the appreciation of the currency.
Vietnam Business And Financial News Network. Source [vcci]
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