Banks continued to cut their dollar rates, marking a fourth consecutive day of declines. The US currency lost 100 dong per dollar. The dollar also weakened on global markets after the Democratic Party won the US midterm elections.
The State Bank of Vietnam lowered its central rate by 4 dong to 25,623 dong per dollar. Commercial banks cut their rates by another 10 to 20 dong, bringing the total decline from the end of last week to 100 dong per dollar. Vietcombank bought dollars at 25,480 to 25,510 dong and sold them at 25,890 dong. ACB bought dollars at 25,490 to 25,520 dong and sold them at 25,880 dong. VietinBank bought dollars at 25,445 to 25,510 dong and sold them at 25,890 dong. The euro and pound also fell at Vietcombank, by 30 and 40 dong respectively.
The dollar weakened on global markets, with the USD Index down 0.33 point at 101.53. The US currency fell after the Democratic Party's victory in the midterm elections. The result removed one source of uncertainty for the market as investors assessed possible changes in government policy.
The election result largely overshadowed US economic reports. An ADP report showed that the private sector added 86,000 jobs in October, above the 69,000 forecast by economists surveyed by Reuters. The labor report series will end on Friday with the government's official employment report. The Institute for Supply Management said its services purchasing managers' index fell to 54.5 from 54.9 in September. The result was slightly below the 54.8 forecast but remained above 50, indicating that services activity continued to expand.
Sources: Thanh Niên
