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Journal: International Journal of Management (IJM) (Vol.12, No. 3)

Publication Date:

Authors : ;

Page : 1235-1237

Keywords : USD; VND; financial markets; Covid-19;

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Due to the Covid-19 epidemic, global economy has suffered for a tough time and currencies have dropped against USD. The Covid-19 epidemic has profound impact on financial markets and FOREX market and will continue to be experienced of stress for a long time. According to experts, the Covid-19 epidemic has caused the global financial market to plummet; the demand to withdraw capital from risky assets and to find safe-growing assets is a major cause of the rise in USD. Many businesses around the world are reducing their capacity, limiting or ceasing their operations, so investors around the world are fleeing assets such as stocks, real estate and even oil and gold to hold the world's leading reserve currency is the USD. This is the factor that makes the USD constantly increase compared to all other currencies in the world. Facing the above pressure, by the end of the first quarter of 2020, currencies in emerging countries in Asia have dropped sharply against the USD. Specifically, from the beginning of 2020 until now, the strongest currencies among EMs (BaoViet Stock Company)) are: Indonesian Rupiah (-19%); Bath of Thailand (-9.7%); Korean Won (-6.4%), Indian Rupee (-6.3%) and China's Renminbi fell 1.8% against the USD. The exchange rate between USD and VND is not an exception; VND has experienced the high depreciation in relation to the U.S. dollar. In the end of March, VND lost almost 2% of its value in comparison to the U.S. dollar. However, compare to currencies in emerging countries in Asia, the increase in USD/VND is not too large.

Last modified: 2021-06-03 18:47:07