US dollar price nudges up a tad
Source: 26-JUL-2008 Intellasia | Dau Tu Chung Khoan page 27
Jul 26, 2008 - 7:00:00 AM After the finance ministry decided to hike petroleum retail prices in the domestic market, the free market's US dollar price increased quickly before the petroleum prices could cause strong impacts on consumption of people and businesses.

However, after that, the US dollar price also quickly had declined from 17,500 dong/US dollar (even 18,000 dong in HCM City) down to the lowest level of 16,750 dong as the buying price and 16,800 dong/US dollar as the selling price.

Yesterday afternoon, the free market's dong/US dollar forex rate signalled to surge slightly to 16,900 and 17,000 dong/US dollar, up about 50 dong as compared the day morning.

It is said that a slight rise in the forex rate thanks to the buyers' expectation that US dollar price will unlikely decrease deeper. In addition, some investors still worried about affects of the increased fuel prices and declines in share and gold prices to the US dollar/dong forex. But, the transactions of US dollar still are modest due to both the seller and the buyer keep waiting.

Today, the forex rate of banks soared from 16,650 dong and 16,750 dong/US dollar to 16,750 and 16,825 dong/US dollar. Prices of GBP, CAD, HKD and JPY also increased slightly. However, the forex rate of euro and AUD against the dong yesterday fell.