US dollar drops to three-month low

The retail price of the U.S. dollar fell Wednesday on Vietnam's free market to VND24,000, and hit a three-month low at commercial banks.

The State Bank of Vietnam (SBV), the country’s central bank, decreased the central exchange rate by VND1 to VND23,654 on the day. The reference rate at the central bank was set at VND24,830 per U.S. dollar.

Commercial banks can set their exchange rates between VND22,471 and VND24,837 per the trading band of +- 5%.

The U.S. dollar fell by VND80-100 to VND24,000 for buying and VND24,150 for selling respectively on the free market amid the U.S. inflation reaching 7.1% in November, below the forecast and lower than 7.7% in October.

At state-controlled Vietcombank, a "Big 4" bank in the country, Wednesday’s buying and selling rates were VND23,340 and VND23,650 per U.S. dollar at 4:30 p.m, respectively, lower than VND23,440 and VND23,750 one day ago.

Those rates approached VND23,360-VND23,370 for buying and VND23,670-23,680 on September 6-8, after rising by nearly VND1,500 at the bank in the three-month period.

VietinBank, another “Big 4”, had corresponding figures of VND23,388 and VND23,688 at the same point of time, down from VND23,445 and VND23,845 on Tuesday.

At Eximbank, a private lender, the figures went down to VND23,440 and VND23,700 after a day from VND23,480 and VND23,770.