On August 17, the central exchange rate was listed by the State Bank at 23,951 VND/USD, an increase of 33 VND/USD compared to yesterday. Thus, since the beginning of August, the central exchange rate has increased by nearly 200 VND/USD.
The USD selling price at the State Bank of Vietnam also exceeded 25,000 VND and continued to increase to 25,063 VND/USD, an increase of 38 VND per USD compared to yesterday.
Although the USD price at commercial banks has cooled down compared to yesterday, it is still high, exceeding 24,000 VND. Currently, Vietcombank is trading USD at 23,780 VND for buying and 24,120 VND/USD for selling. The USD price listed by VietinBank is 23,765 VND for buying and 24,105 VND/USD for selling.
The stock market fell slightly in this morning's trading session, amid continued increases in exchange rates.
In the free market, the USD price also remained high at 23,951 VND/USD for buying and 24,011 VND/USD for selling. The demand for buying USD in the free market has also increased in recent days, although the price is still lower than in commercial banks.
Many are concerned that the increase in USD prices may affect the stock market. In a recent exchange rate assessment report, MB Securities Company (MBS) said that if the exchange rate continues to increase in the coming days, the stock market is likely to see a 3-5% correction. In fact, foreign investors have continuously sold thousands of billions of VND worth of stocks since the beginning of August when the USD price in the international and domestic markets fluctuated.
As of 10:50 a.m. on August 17, the VN-Index slightly decreased to 1,241 points, down 1.26 points compared to the previous session. Market liquidity in the morning was around VND9,200 billion, slightly up compared to yesterday. The securities group made waves with many stocks increasing strongly from 4-7% compared to the previous session such as VDS, SSI, VND, SBS...
Commenting on the impact of exchange rates on the stock market, Mr. Nguyen The Minh, Director of Analysis - Yuanta Vietnam Securities Company, said that the strong fluctuations in the USD/VND exchange rate in the past few days were mainly influenced by the upward momentum of the USD index in the international market, not by macroeconomic factors.
"The Chinese Yuan and Japanese Yen have depreciated against the USD in recent days as these countries maintain loose monetary policies to support the economy, affecting the VND. The market is also worried about inflation as raw material prices, oil prices, and food prices are all high... which could cause the US Federal Reserve (FED) to continue raising interest rates, so the USD will continue to rise. These factors have caused the USD/VND exchange rate to increase, but in my opinion, the impact is only in the short term. In the medium and long term, the trend of the stock market is still upward" - Mr. Nguyen The Minh commented.
Source
Comment (0)