Bank exchange rates for USD have dropped sharply.

Bank exchange rates for the US dollar have fallen sharply, following the weakening trend of the greenback in the global market. Many banks have lowered the USD price by more than 100 dong.

The central exchange rate between the Vietnamese Dong and the US Dollar, announced by the State Bank of Vietnam today (September 20), is 24,148 VND per USD, a decrease of 19 VND compared to yesterday's rate.

Applying a 5% margin, commercial banks on September 20th were allowed to trade USD at a floor rate of 22,941 VND/USD and a ceiling rate of 25,355 VND/USD.

The State Bank of Vietnam's exchange rate for buying USD remains at 23,400 VND/USD. Meanwhile, the selling rate for USD has been adjusted down by 20 VND compared to yesterday, to 25,305 VND/USD.

At commercial banks, the USD/VND exchange rate also fell sharply today.

The USD exchange rate at banks has dropped sharply. Photo: Hoang Ha

This morning, Vietcombank listed the cash USD exchange rate at 24,370 VND/USD for buying and 24,740 VND/USD for selling, a decrease of 80 VND in both buying and selling rates compared to the beginning of yesterday morning (September 19).

Similarly, the USD exchange rate at other banks also fell rapidly, with many banks reducing it by more than 100 dong compared to yesterday morning.

This morning, BIDV lowered the USD exchange rate to 24,385-24,725 VND/USD (buying rate - selling rate), a decrease of 75 VND in the buying rate and 95 VND in the selling rate compared to yesterday morning.

VietinBank also lowered the buying and selling price of USD to 24,388-24,728 VND/USD, a decrease of 67 VND in both directions.

Meanwhile, Techcombank lowered its buying price for cash USD to 24,340 VND/USD and its selling price to 24,731 VND/USD, a decrease of 121 VND in the buying rate and 123 VND in the selling rate.

Meanwhile, Sacombank lowered the USD exchange rate to 24,360-24,720 VND/USD (buying - selling), a decrease of 130 VND on the buying side and 110 VND on the selling side.

Meanwhile, the USD exchange rate on the free market remained relatively stable. Foreign exchange bureaus were buying USD at a common rate of 24,965 VND/USD and selling at 25,065 VND/USD.

The difference between the USD exchange rate in the free market and the banking channel has widened again. The buying price of USD in the free market is currently about 600 VND higher, while the selling price is over 300 VND higher than the USD exchange rate at banks.

The USD/VND exchange rate fell sharply following developments in the US. USD price Globally, the US dollar fell following the Federal Reserve's decision to cut interest rates. This move by the Fed raises expectations of one or two more interest rate cuts this year.

The US Dollar Index (a measure of the dollar's strength against other major currencies) was at 11:12 AM on September 20th (Vietnam time), down 0.06% from the previous session, at 11:12 AM.

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