The US dollar selling prices at commercial banks in the morning fell below VND24,000 per dollar although the reference exchange rate of the State Bank of Vietnam increased for a second consecutive session.
Not only did the US dollar exchange rates at commercial banks cool down, but the exchange rate on the free market also fell below VND25,000 per dollar.
Vietnam’s benchmark VN-Index slumped nearly 56 points or 6.28 percent on March 3, the highest drop since October 3, 2001 as Asian stock markets flooded in red due to a record decline of more than 30 percent in the global oil price and unexpected developments of the Covid-19 outbreak.
The price of gold in Vietnam rose by VND500,000 per tael (1.2 ounces) compared to the previous day on March 4 as the global gold price jumped after the US Federal Reserve unexpectedly cut its benchmark interest rate by 0.5 percent to 1-1.25 percent to cope with increasing economic risks due to the Covid-19 epidemic.
The State Bank of Vietnam on September 3 listed the reference exchange rate at VND23,139 per dollar, an increase of VND6 per dollar over the last weekend, the highest level since the beginning of this year.
The price of gold in Vietnam soared VND800,000 per tael (1.2 ounces) to nearly VND41.7 million (US$1,796.63) per tael on August 7 as global gold price neared $1,500 an ounce.
The price of gold in Vietnam fell by nearly VND500,000 per tael (1.2 ounces) on August 1 as global gold price plummeted after the US Federal Reserve decided to cut interest rate of the US dollar by 0.25 percent to 2-2.25 percent per annum due to low inflation pressure and impacts caused by movements in the world after its two-day meeting at the end of July.
