Commercial banks in Vietnam increased their dollar prices to the highest level so far this year, but this was still lower than last year’s highs.
State-controlled Vietcombank, among the largest foreign currency traders in the country, raised its quotes for the greenback to VND24,170-24,540 per U.S. dollar for bids and asks as of 4:30 p.m., up from VND24,165-24,535 at the close on Monday. The prices peaked at VND24,240-24,610 during the day.
Similarly, Hanoi-based VietinBank traded the currency at VND24,198-24,538, easing from an intra-day high at VND24,187-24,610. Private banks had their rate at VND24,215-24,540.
The greenback’s prices at commercial banks have risen 3.7% against the start of this year, but this is still 1.1% lower than last year’s peak.
Rates at banks tracked the central bank’s move. The State Bank of Vietnam fixed the mid-point rate at VND24,084, up VND8 from Monday.
With a band of +/-5%, commercial banks are allowed to quote the U.S. dollar at between VND22,879 and VND25,288.
Meanwhile, gold shops in Hanoi and Ho Chi Minh City offered the dollar today at VND24,350-24,450, up VND30 from a day earlier.