Forex rates surge against VNĐ

HCM CITY — Except for the US dollar, foreign currencies have surged against the Vietnamese đồng during the last month as demand for foreign goods increases ahead of the Tết (Lunar New Year) holiday.

At Eximbank, foreign exchange rates of multiple currencies are now up from 1.9 to 5.1 per cent over the previous month.

On February 2, the British pound increased sharply by VNĐ1,600 per pound against Vietnamese đồng, a rise by 5.1 per cent. One pound is now selling for VNĐ32,532.

The Swiss franc increased by VNĐ1,140 per franc, a rise of 4.8 per cent. One franc is buying and selling for VNĐ24,298 - 24,615, respectively.

Meanwhile, the euro rose by VNĐ1,015, or 3.7 per cent (VNĐ28,138 - 28,505 per euro). The New Zealand dollar increased by VNĐ555, or 3.4 per cent (VNĐ16,567 - 16,834 per New Zealand dollar)

Other currencies rates have also increased, including the Australian dollar (VNĐ370, or 2 per cent) and the Canadian dollar (VNĐ350, or 1.9 per cent).

Some foreign currencies in Asia also climbed. The Japanese yen increased by VNĐ5, or 2.5 per cent, (VNĐ205.4 - 208.12), the Singapore dollar increased by VNĐ240, or 1.4 per cent (VNĐ17,176 - 17,400) while the Thai baht surged by 3.5 per cent or 25 đồng a baht (VNĐ702 - 733).

The increase in foreign exchange rates could make the prices of goods imported from these countries increase.

Nguyễn Văn Hùng of District 3 now has to pay an additional VNĐ1.2 million to buy NZD2,000 of cash for his children to study in New Zealand.

Dương Anh Vũ, head of the Analysis Desk in Việt Nam Gold Investment and Trading Joint Stock Company (VGB), said there was nothing particular about recent economic data in Europe and Japan that would lead to the increase in the exchange rate.

The US dollar has continued to decrease. The USD Index decreased to 88.71 points, the lowest during the last four years.

The Fed raised the interest rates for three times in 2017 and more hikes are expected this year, according to Vũ. — Khanh