Bank USD price turns down

The official exchange rate this afternoon dropped sharply by more than 100 VND, falling back to nearly 24,400 VND per USD, after many consecutive increases before.

On September 29, the State Bank announced the central exchange rate at 23,089 VND, a slight increase of 1 VND compared to yesterday. With a 5% margin compared to the central exchange rate, commercial banks are allowed to trade US dollars in the range of 22,619 - 24,999 VND.

The State Bank of Vietnam's Transaction Office also adjusted the selling price up slightly by 1 VND to 25,243 VND compared to yesterday, keeping the buying price unchanged at 23,400 VND.

At commercial banks, the USD price this afternoon turned to decrease sharply. Specifically, Vietcombank reduced 100 VND in both buying and selling prices to 24,090 - 24,460 VND. BIDV reduced by 130 VND, to 24,120 - 24,420 VND. The exchange rate at Eximbank also decreased by 80 VND, to 24,060 - 24,460 VND.

On the free market, the US dollar buying and selling price is stable at around 24,370 - 24,450 VND.

Previously, the USD/VND exchange rate had been continuously increasing, at the end of September 28 it increased by 3.7% compared to the beginning of the year and was still 1.1% away from the peak set in the last quarter of last year.

The domestic USD price cooled down today following world developments. The USD Index - a measure of the greenback's strength - has fallen more than 0.8% in the past two days, to 105.7 points. Previously, the US dollar strengthened significantly after the US Federal Reserve (Fed) meeting, sending a message that interest rate hikes may not stop.

Meanwhile, the price of domestic gold bars has also been on a downward trend since the beginning of the week. Each tael of gold bars is bought at 68.15 million VND, sold at 68.95 million VND. Gold rings have decreased by about half a million VND per tael, bought at 56.15 million VND, sold at 57.15 million VND.

Quynh Trang

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