On the morning of October 9th, the USD exchange rate at Eximbank remained unchanged from the end of last week, at 24,130 VND for buying and 24,530 VND for selling. Vietcombank, however, decreased by 5 VND, bringing the buying price down to 24,175 VND and the selling price down to 24,545 VND. Meanwhile, the central exchange rate between VND and USD announced by the State Bank of Vietnam was 24,069 VND, a decrease of 5 VND.
The free market USD exchange rate is 24,560 VND for buying and 24,660 VND for selling, an increase of 30-40 VND compared to the end of last week. Thus, the USD price at foreign exchange bureaus has continuously increased and surpassed that of banks.
The USD price remained high on the morning of October 9th.
According to an analysis report by VNDirect Securities Company, the banking system's liquidity is abundant, even in surplus, due to weaker-than-expected credit growth. This year, the exchange rate is also supported by a more abundant supply from the trade surplus. At the end of the first nine months of 2023, Vietnam had a trade surplus of US$21.68 billion, compared to only US$6.76 billion in the same period of the previous year. In addition, FDI and remittances remain positive, and the supply of foreign currency is supplemented by several equity sale agreements to foreign investors.
According to September trading data, the USD/VND exchange rate reached 24,390 VND on September 25th, an increase of 1.3% compared to the end of August and 3.2% compared to the beginning of the year. However, this unit expects the interbank USD/VND exchange rate to remain in the 24,300 - 24,500 VND range in October before improved USD supply towards the end of the year helps ease exchange rate pressure...
The US dollar edged slightly higher at the start of the week. The USD-Index rose 0.09 points compared to yesterday, reaching 106.17 points. The greenback remains strong, especially after a report from the US Department of Labor released last week showed that the US economy added 336,000 jobs in September, far exceeding the 100,000 jobs added in August. This is the strongest job growth since January 2023. Stronger-than-expected job growth is a signal that the US economy remains robust despite high interest rates.
Since March 2022, the US Federal Reserve (Fed) has raised interest rates by a total of 525 basis points, to a range of 5.25% - 5.5%, the highest interest rate in 22 years.
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