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Dollar eases to VND16,900   2008-05-29 - ThanhNienNews

A sharp fall in the dollar’s value on the black market yesterday saw speculators and others sell off the greenback to cut losses.

Gold shops in Hanoi were crowed yesterday as people rushed to sell off the dollars they had bought a day earlier when the greenback soared to over VND17,000  



In Hanoi, people rushed to the gold shops to sell dollars they had bought Tuesday.

Quoc Trinh Gold Shop cut the exchange rate from VND17,000/17,300 per dollar to VND16,500/16,900.

Another gold trader, Bao Tin Minh Chau, announced rates of VND16,550/16,900.

Both were crowded in the morning when they opened.

Kien, a Hanoi investor queuing up at Bao Tin Minh Chau, said he was selling US$15,000 he had bought Tuesday at VND17,500 per dollar: “Though I am losing VND10 million ($616.71) in just one day, I have to sell quickly. The longer I delay, the heavier my losses.”

In HCMC, the black market rate slipped VND490/720 to VND16,660/16,680.

But the exchange rate at banks remained unchanged.

A telecom company said it had to buy $7,000 from a bank at VND17,400 per dollar yesterday when the black market rate was at VND17,250.

Some other firms too, said banks were still selling the greenback at VND17,300-17,500 per dollar.

Tran Bac Ha, chairman of the Bank for Investment and Development of Vietnam (BIDV), said, “The trading band for the [exchange rate] remains at 2 percent.

“With the country having enough foreign currency reserves, the central bank will surely intervene to stabilize the exchange rate.

So I think investors shouldn’t rush to buy dollars at this time when the market is so volatile.”

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