US dollar exchange rate hits all-time high

Reference exchange rate was raised VND15 per dollar to VND23,069 per dollar, the highest level in the history, by the State Bank of Vietnam on May 20.

US dollar exchange rate hits all-time high

Since the beginning of this year, reference exchange rate has escalated about 1.05 percent. With this movement, dollar exchange rates at commercial banks also went up by VND30-VND45 per dollar in tandem to VND23,470-VND23,480 per dollar.
On free market, the US dollar exchange rate also rose by VND40 per dollar to trade at VND23,390 for buying and VND23,420 per dollar for selling.
Explaining about changes in exchange rate, the central bank of Vietnam said that impact of external elements relating to information on the trade negotiation between the US and China has raised concern over the possibility of a negative and escalating international trade dispute. However, SBV still assured that at the present exchange rate remains fairly stable, the balance of foreign currency supply and demand is moderately smooth, liquidity on the market is normal and the demand for foreign currency of organizations and individuals is fully met in a timely manner.
The Vietnam’s stock market opened the week on bullish sentiment with green dominating all trading floors on May 20.
In the trading session, gas and oil shares continued to attract the cash flow so they all strongly jumped. For instance, GAS gained 2.5 percent, PVS rallied 3.3 percent, PVD climbed 2.6 percent and PVC enhanced 2.7 percent.
At the end of the trading session, rising momentum of gas and oil stocks spread to other large-cap stock groups, including banking, securities and real estate, helping the benchmark to bounce nearly 11 points.
The VN-Index strengthened 10.65 points, or 1.09 percent, to close at 987.13 points with 171 winners, 117 losers while 65 stocks were unchanged.
The HNX-Index of the northern bourse surged 0.52 points, or 0.5 percent, to close at 106.31 points. Of the index, there were 77 stocks advancing, 60 retreating and 61 standing still.
Liquidity slightly improved compared to the previous week with total trading volume reaching 192 million shares worth VND4.2 trillion.

By Nhung Nguyen – Translated by Thuy Doan

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