Business · Vietnam Bureau
Vietnam's reference exchange rate declines 7 VND against US dollar
Vietnam's State Bank set the reference exchange rate 7 VND lower on October 30, continuing recent volatility in the USD-VND pair. The adjustment reflects ongoing fluctuations in the currency market over the past several trading days.
LSN Vietnam ·
The State Bank of Vietnam lowered its daily reference exchange rate to 25,637 VND per US dollar on October 30, marking a depreciation of 7 VND from the previous session. This adjustment came as the central bank continues to manage currency stability within its established trading band.
Under the current ±5 percent trading corridor, commercial banks are permitted to trade within a defined range, with a ceiling rate of 26,919 VND/USD and a floor rate of 24,355 VND/USD. These parameters provide a framework for USD-VND transactions across Vietnam's banking sector.
The October 30 decline follows a mixed pattern of recent trading sessions. The reference rate had risen 6 VND on October 27, before declining 2 VND on October 28, and subsequently appreciating on October 29 prior to the latest correction. This alternating pattern underscores the ongoing adjustments in foreign exchange markets as economic conditions and demand pressures continue to influence the Vietnamese currency.
The State Bank's daily reference rate serves as a guide for commercial banks conducting foreign exchange operations and reflects broader trends in Vietnam's currency markets as the economy navigates regional and global economic dynamics.
Photo: The State Bank of Vietnam's Ho Chi Minh City branch building, August 2019. Simon_sees via Wikimedia Commons (CC BY 2.0).