The interbank exchange rate climbed for the six times in 14 days, topping a five-month high of VND20,688 per dollar on October 14.
As a result, the US dollar exchange rates also strongly jumped at commercial banks. Vietcombank and VietinBank bought dollars at VND20,890, and sold at VND20,895, an increase of VN10 per dollar over the previous day.
Eximbank quoted the rate at VND20,875 per dollar for buying, and VND20,885 per dollar for selling. ACB purchased the greenback at VND20,863, and sold at VND20,873.
According to representatives of some banks, demand for the US currency rose as firms need dollars to settle their contracts by the end of the year. Currently, most customers went to banks to buy or sell dollars as the actual rates at some banks surpassed VND21,000 per dollar and were not much lower than those on free market.
On free market, the US dollar exchange rate also rallied but remained under VND21,500. In Hanoi, dollars were bought at VND21,400, and sold at VND21,430, an increase of VND30 per dollar in buying price and VND10 per dollar in selling price over the previous day.
The State Bank of Vietnam raised the interbank exchange rate by VND10 per dollar to VND20,638 on October 5 after pinning the rate at VND20,628 for more than one month, causing the rate to jump hourly on free market. The greenback was traded above VND21,600 on that day. However, despite continuous rises in the interbank exchange rate in the next days, the dollar exchange rate significantly dropped on black market.