Vietnam Dong Falls Toward Trading Limit as Importers Buy Dollars
- Currency was 2.8% weaker than central bank's daily fixing
- No more devaluations in 2015 unless China moves, analyst says
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Vietnam’s dong fell toward the weak end of its trading band as seasonal dollar purchases by importers to pay year-end bills coincide with rising global demand for the greenback.
The currency dropped as low as 22,515 a dollar, according to prices from local banks compiled by Bloomberg. That’s 2.8 percent weaker than the central bank’s fixing of 21,890. The dong can trade as much as 3 percent on either side of the official reference rate, which has been left unchanged since the third devaluation of this year on Aug. 19.