Vietnam central bank quotes dollar at vnd20,628, unchanged from thursday

Vietnam’s central bank set the U.S. dollar’s exchange rate at VND20,628 Friday, unchanged from Thursday.

Hanoi-based currency dealers said free-market rates rose slightly, following a recent rebound in global gold prices.

“The local prices of gold and dollars have been moving in line with global prices,” said a dealer with a gold shop in Hang Da Street, which is known as Hanoi’s Wall Street.

He noted that the greenback has stayed above VND21,200 this week, despite reported intervention by the central bank to bring down the free-market exchange rate.

Local media late Thursday cited the central bank as saying it sold $150 million to banks over the past week to help stabilize dollar rates.

“But $150 million is such an insignificant amount, the rate won’t be pulled down with such a small injection,” said another dealer from Hang Da Street.

Dealers forecast the dollar to move in a VND21,240-VND21,300 range over the weekend.

Source Dow Jones

Tags: Vietnam banking industry, Vietnam finance, Vietnam financial, Vietnam forex market