The free market dollar rose on the selling side.

On the morning of May 22nd, the central exchange rate between VND and USD announced by the State Bank of Vietnam was 23,684 VND, an increase of 4 VND compared to the end of last week. The State Bank of Vietnam's Exchange Transaction Department maintained the buying price at 23,400 VND/USD after a decrease of 50 VND last week; the spot selling price stood at 24,814 VND. Meanwhile, USD prices at commercial banks fluctuated in opposite directions. For example, Eximbank maintained its buying price at 23,240 VND and selling price at 23,620 VND. Vietcombank, however, decreased by 30 VND in both directions, bringing the buying price down to 23,260 VND and the selling price to 23,630 VND...

The free market USD exchange rate fell by more than 50 dong on the buying side to 23,380 dong, but slightly increased on the selling side to 23,480 dong. This brought the difference between the free market USD buying and selling rates back to 100 dong.

The free market USD exchange rate saw a slight increase in the selling price on the morning of May 22nd.

The US dollar fell slightly in the global market today, with the USD-Index dropping to 103.03 points, 0.2 points lower than at the end of last week. The USD-Index had recorded a significant increase last week.

Speaking to Forbes recently, Esther Reichelt, a currency strategist at Commerzbank, said the recent strength of the US dollar stems primarily from increased demand for a "safe haven" against "unpredictable uncertainties." The extent of the vulnerabilities in US regional banks and the potential consequences of the US debt ceiling battle are becoming increasingly urgent for both sides as June 1st approaches – the deadline that US Treasury Secretary Janet Yellen has stated the country will no longer be able to repay its debt.

In addition, some worrying signs about global economic growth may also contribute to investors seeking safe-haven assets. The latest data this week showed that the Chinese economy underperformed in April. This not only worries investors about the outlook for the Chinese economy but also about the momentum of global economic growth.

See more:

ECONOMIC DEVELOPMENTS May 22nd: Vietnam is becoming increasingly attractive to foreign investors.

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