Business · Vietnam Bureau
Vietnam's reference exchange rate extends losses for third consecutive day
Vietnam's dong weakened further against the US dollar on October 9 as the reference exchange rate continued its downward trajectory. Major commercial banks reported sharp declines in both buying and selling rates compared to the previous trading session.
LSN Vietnam ·
The reference exchange rate maintained downward pressure on October 9, extending a losing streak that has persisted since October 7. Opening-hour quotations at leading commercial banks showed marked decreases from October 8 levels, signaling continued weakness in the domestic currency.
The selling pressure on the dong has accumulated over three consecutive trading days. After edging up 2 VND on October 6, the reference rate shifted direction, declining 7 VND on October 7 before recording additional losses on October 8 and continuing into October 9.
The sharp movements at commercial bank counters during morning trading hours underscored sustained demand for US dollars in Vietnam's foreign exchange markets. The persistent downward trend suggests ongoing market dynamics that have favored dollar appreciation against the domestic currency.
The exchange rate movements carry implications for Vietnam's exporters and importers, as well as for businesses and individuals engaged in cross-border transactions. Market participants are monitoring whether the downward pressure will persist or if stabilization may emerge in coming trading sessions.