Foreign currency liquidity in the whole system was good, trading activities were smooth, credit institutions continued to make net purchases from customers. The foreign currency status of the whole system improved compared to the previous week, reaching a slightly positive level throughout the week.
The listed buying and selling exchange rates of VND/USD of commercial banks are commonly around 20,820 VND-20,870 VND/USD.
The forex market will see some bullish correction waves.
over 21,000 in the third quarter and lasting through the end of the year.
(Illustration)
As of this morning, this exchange rate has remained almost unchanged. ACB listed this exchange rate pair at 20,810 VND (buy) - 20,870 VND (sell), unchanged since May 9. 20,810 VND - 20,870 VND is also the price Eximbank listed for the greenback today. VCB kept this exchange rate pair at 20,820 VND - 20,870 VND, unchanged in recent days.
It can be seen that the stable and low exchange rate is a good condition for the State Bank to continue buying large amounts of foreign currency from commercial banks, contributing to improving and increasing foreign currency reserves.
Commenting on this exchange rate pair in the coming time, VietinBank Foreign Exchange Trading Department believes that, in terms of psychological factors, market sentiment is forecast to continue to maintain the necessary stability, confidence in the value of the domestic currency is firm for the following reasons: Optimism about changes in the management policies of the Government and the State Bank; inflation concerns have eased; the foreign exchange market has changed positively since the end of 2011 and is expected to last.
Synthesizing the analysis of macro factors, the above Business Department believes that in the short term, the foreign exchange market will continue to maintain stability in the second quarter and the increase may not be much, the USD/VND exchange rate will basically fluctuate in the range of 20,850-21,000 (strong support for the State Bank's buying threshold and the psychological resistance of 21,000). However, the market will experience a few waves of upward adjustment above 21,000 in the third quarter and last until the end of the year. |
