US dollar drops to one-month low

The buying-selling prices of the U.S. dollar in Vietnam fell to a one-month low on Tuesday, amid the U.S. Federal Reserve’s intention to conduct tighter monetary policy and the collapse of Silicon Valley Bank and Signature Bank in the U.S.

In the day, the State Bank of Vietnam reduced the central exchange rate by VND20 to VND23,618 per U.S. dollar. As a result, commercial banks can set their exchange rates between VND24,780 and VND22,437, per the central bank’s trading band of +-5%.

On the free market, the exchange rate dropped by between VND70-170 to VND23,580 for buying rates and VND23,750 for selling rates.

At state-controlled Vietcombank, one of the country's "Big 4" banks, Tuesday’s buying and selling rates were VND23,400 and VND23,740 per U.S. dollar respectively at 5 p.m., unchanged from Monday's tallies.

VietinBank, another “Big 4”, had corresponding figures of VND23,355 and VND23,775 at the same time, down from VND23,375 and VND23,795 the day before.

BIDV, also a “Big 4” bank, had buying and selling rates of VND23,440 and VND23,740, down from VND23,460 and VND23,760 on Monday, respectively.

The figures at Techcombank, a private lender, were VND23,405 and VND23,750, down from VND23,425 and VND23,775 a day earlier.