Banks today simultaneously reduced the USD price to a three-month low, fluctuating at 25,400 VND per dollar.
On the morning of August 1, the State Bank announced the central exchange rate decreased by 10 VND compared to yesterday, down to 24,245 VND. With a 5% margin compared to the central exchange rate, commercial banks are allowed to trade USD in the range of 23,033 - 25,457 VND.
On the official market, banks today also adjusted the USD buying and selling price down by 20 to 60 VND.
Vietcombank reduced the USD price for the second consecutive day with a total adjustment of 60 VND, down to 25,030 - 25,400 VND. At BIDV , the USD buying and selling price also dropped to 25,030 - 25,370 VND, a sharp decrease of 65 VND compared to yesterday. Eximbank adjusted to 25,020 - 25,390 VND.
Accordingly, the bank USD price is currently at its lowest level in three months but is still 4% higher than at the beginning of the year.
The USD price on the free market has also cooled down in recent days, currently buying and selling around 25,600 - 25,700 VND.
According to UOB Bank’s forecast, the US Federal Reserve (Fed) will cut interest rates twice, each by 0.25% in September and December this year. Under this scenario, exchange rate pressure on emerging currencies will be reduced, meaning the possibility of USD depreciation in the second half of the year.
UOB experts believe that the VND may recover in the last 6 months of the year along with the rising momentum of the Chinese Yuan and the widespread weakening of the USD, when the Fed's interest rate cut is emphasized. Specifically, the VND is forecast to gradually strengthen against the USD, reaching 25,200 VND in the third quarter. After that, the exchange rate will decrease to 24,800 VND in the first quarter and 24,600 VND in the second quarter of next year.
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