VINACHEM

The US dollar strengthened at domestic commercial banks on Monday, following an increase in the reference exchange rate that the State Bank of Viet Nam adjusted for the day.

The central bank set the reference rate for Monday at VND21,866 per dollar, rising by 21 dong from last weekend's level.

With the current trading band of plus or minus 3 per cent applied for the rate, a dollar can domestically be traded between VND21,210 and VND22,522.

Almost all commercial banks increased the dollar rates in the morning, reported Nhip cau Dau tu (Investment Bridge) online.

Vietcombank listed the buying price at VND22,310 per dollar and the selling price at VND22,380 per dollar, both 15 dong higher than the previous session's levels.

VietinBank maintained the selling price at VND22,370 per dollar, but increased the buying price by 30 dong at VND22,300 per dollar.Sacombank quoted the buying price 10 dong higher at VND22,310 per dollar, and the selling price 20 dong higher at VND22,380 per dollar.

Eximbank bought a dollar at VND22,300 and sold it at VND22,380, both increasing 10 dong over the previous session.

At DongABank, the buying price was unchanged at VND22,300 per dollar, while the selling price was up 10 dong at VND22,380 per dollar.

Techcombank reduced the buying price by 10 dong at VND22,280 per dollar, buy lifted the selling price by a similar amount at VND22,380 per dollar.

The Bank for Investment and Development of Viet Nam bucked the trend, lowering both buying and selling rates by 10 dong at VND22,300 and VND22,370 per dollar, respectively.

Asia Commercial Bank kept the dollar buying and selling rates intact at VND22,300 and VND22,380, respectively.

After a British vote to leave the European Union (EU) last week immediately hit the global financial market, local brokerage MB Securities said the Brexit might lead to a devaluation of the Chinese yuan.

There was a possibility that China would devalue its currency to improve the competitiveness of its exports to the EU. This might also force Viet Nam to depreciate the dong to ensure competitive exports, the brokerage said.