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Dollar prices drop back at VietcombankVietcombank on Wednesday revised down U.S. dollar buying and selling prices after suddenly increasing the prices on Tuesday due to high demands of some foreign companies.

In the morning, the lender quoted the greenback at VND21,080 and VND21,140 a dollar for buying and selling respectively, down VND10 and VND30 against Tuesday afternoon respectively. In the afternoon, the bank revised down prices at VND21,075 and VND21,135 a dollar respectively.

BIDV kept dollar buying price at VND21,090 in the morning and then reduced it to VND21,080 in the afternoon. Meanwhile, the selling price fell VND10 to VND21,130 a dollar.

Other commercial banks offered dollar prices at VND21,130 and VND21,140 for buying and selling respectively.

When Vietcombank suddenly increased greenback prices on Tuesday, Nguyen Hoang Minh, deputy director of the central bank’s HCMC branch, explained that high dollar demand of some foreign-invested firms was the reason. Minh and other bankers predicted that dollar price would fall on the following day.

Vietcombank’s move has drawn much attention as the Government has recently announced possible dong devaluation by around 2% against the greenback. Although foreign currency demand and supply remain balanced, the Government may still depreciate the dong to support exports.

Earlier this year, the central bank announced to keep the exchange rate fluctuation from 2-3% this year.

Viet Dragon Securities Company (VDSC) in its September report said that enterprises usually have high dollar demands in the final months of the year. However, dollar supplies remained huge.

Trade deficit was expected at US$500 million, or 0.38% of export revenue, while overseas remittance was expected to surpass US$10 billion. Therefore, the central bank can manage dong devaluation policy to stabilize the macro economy and assist development in the following years, VDSC said.

On the unofficial market, greenback prices dropped slightly to VND21,140 and VND21,160 a dollar for buying and selling respectively.

(SGT)

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