VINACHEM

The US dollar rates fell in the local commercial banks yesterday, two days after the State Bank of Viet Nam weakened the Vietnamese dong by 1 per cent.

The rates had soared in the market just before the increase, when most banks sold the dollar in the range between VND21,450 and VND21,510. However, the rates fell just two days after the SBV revised its forex rate and committed not to increase it by more than 2 per cent in 2015.

On January 7, SBV increased the inter-bank exchange rate from VND21,246 to VND21,458 for each US dollar. With an effective exchange rate with 1 per cent margin, the ceiling rate was VND21,673 per dollar.

SBV said that the adjustment in the forex rate was among the measures being taken to implement the national plans for socio-economic development and State budget operations this year, following government resolution 01/NQ-CP, issued on January 3.

Yesterday, Vietcombank reduced the dollar rate by VND80 over yesterday's rate, with the buying and selling rates being VND21,340 and VND21,440 respectively.

The buying and selling rates at BIDV were VND21,350 and VND21,400 per dollar respectively, down VND70 and VND80 over yesterday's rate.

Techcombank reduced the buying rate of each dollar by VND50 to VND21,320 and the selling rate by VND60 to VND21,400.

At Eximbank, the buying and selling rates per dollar were VND21,320 and VND21,390 respectively, a reduction of VND70 each.

Reduced by VND80 each, the dollar buying and selling rates in ACB were VND21,320 and VND21,390 respectively. In Vietinbank, which reduced the rates by VND75, they were VND21,325 and VND21,395 respectively.

Meanwhile, the local gold prices slipped by VND10,000 ($0.4) for each tael (one tael is equal to 1.205 ounces). The state-owned SJC gold was listed at VND35.21 million ($1,653) per tael at the Saigon Jewellery Company.

On the global gold trading floor Kitco.com, the price of gold was listed at $1,211.6 per ounce or $1,460 per tael. Each tael of gold in Viet Nam was $193 higher than in the world market.