Business · Vietnam Bureau
Vietnam's dong strengthens as reference exchange rate rises
Vietnam's central bank raised the reference exchange rate for the U.S. dollar on October 13, reversing a downward trend from earlier in the week. The adjustment maintains the regulated trading band for commercial banks.
LSN Vietnam ·
The State Bank of Vietnam increased the reference exchange rate on October 13 after the Vietnamese dong weakened over the previous three trading days, according to the central bank's official guidance.
Under the existing trading band of plus or minus 5 percent, commercial banks faced a ceiling rate of 26,915 VND per U.S. dollar and a floor rate of 24,351 VND per dollar during October 13 trading.
The rate had declined by 8 Vietnamese dong at the start of the week before continuing its downward trajectory through October 8 and 9. The latest adjustment marks a reversal of that trend as the central bank manages the currency within its established parameters.
The reference rate serves as the official benchmark for foreign exchange transactions in Vietnam's banking sector and guides daily trading operations among commercial banks.