Vietnam's reference dollar rate rises 13 VND in midweek trading

The State Bank of Vietnam set the reference rate at a higher level on October 14, continuing a pattern of fluctuations observed throughout the week. The 13 VND increase marked a reversal from earlier downward movements, as the currency market responded to shifting dynamics.

Under the central bank's current trading band of plus or minus 5 percent, commercial banks were permitted to operate within defined parameters during the session. The ceiling rate applicable for bank transactions stood at 26,928 VND per US dollar, while the floor rate was set at 24,364 VND per US dollar.

The reference rate adjustments have reflected mixed momentum in recent trading sessions. Earlier in the week, the rate had declined by 8 VND at the week's opening and continued downward pressure on October 9, before recovering with the latest increase. These movements highlight the sensitivity of Vietnam's currency markets to external economic factors and shifting capital flows.

The State Bank maintains the trading band mechanism to manage exchange rate volatility while allowing market forces to operate within controlled parameters. The daily adjustments to the reference rate serve as a benchmark for commercial banks' foreign exchange operations across the country.