Vietnamese dong only falls 6.1% against the US dollar

Vietcombank traded between VND23,970 - 24,250/USD at commercial banks, up VND180 from the previous session's close. BIDV is priced between VND23,960 and VND24,240 /USD. Eximbank traded between VND23,920 and VND24,220/USD, up VND90 for purchasing and VND150 for selling.

Prior to that, the purchasing and selling price of USD at commercial banks fell sharply on December 5, with the selling price approaching the VND24,000/USD barrier.

In comparison to the previous top of VND24,888/USD, the USD/VND exchange rate of banks today has cooled dramatically, with a drop of around VND600/USD, or nearly 2.5%. According to the Vietcombank currency rate, the depreciation of VND versus USD since the beginning of the year has decreased from 8.6% to around 6.1%.

On December 6, the black market buying and selling price of USD fell by VND150 in both directions compared to the previous session. As a result, the price dropped to VND24,350 - VND24,500 VND/USD. The current black market selling price of USD has dropped by VND900 from its peak of VND25,450/USD, representing a 3.7% drop.

The USD/VND exchange rate has cooled since the end of November due to expectations that inflation in the US has peaked and that the Fed would limit the rate of interest rate hikes, forcing the dollar to decelerate. DXY lost 5% in November, while the USD-Index stood at 105.13 points yesterday.