The USD exchange rate at banks is rising rapidly, approaching 25,000 VND/USD.

After several sessions of sharp declines, the USD price on the free market reversed course and rose sharply.

This morning, foreign exchange bureaus were trading USD at a common rate of 25,110-25,210 VND/USD (buy - sell), an increase of 160 VND in both buying and selling rates compared to the previous session.

Following the same trend, on the official market, the USD/VND exchange rate also saw a sharp increase on October 4th.

The State Bank of Vietnam announced the central exchange rate between the Vietnamese Dong and the US Dollar today at 24,133 VND per USD, an increase of 18 VND compared to yesterday.

With a 5% margin, commercial banks are allowed to trade USD today at a ceiling exchange rate of 25,340 VND/USD and a floor exchange rate of 22,926 VND/USD.

The State Bank of Vietnam's Exchange Department increased the reference selling rate for USD by 19 dong, bringing the reference buying and selling range for USD to 23,400-25,289 dong/USD.

The US dollar exchange rate in Vietnam is rising rapidly. Photo: Nam Khanh

Commercial banks also sharply increased the price of the US dollar. Some banks raised it by nearly 100 dong, pushing the selling price close to 25,000 dong/USD.

Early this morning, Vietcombank raised the buying price of USD in cash to 24,560 VND/USD and the selling price to 24,930 VND/USD, an increase of 70 VND in both buying and selling rates compared to early yesterday morning.

Similarly, BIDV also increased by 95 dong in both buying and selling rates, bringing the USD buying and selling price to 24,595-24,935 dong/USD. VietinBank raised the USD price to 24,573-24,913 dong/USD, an increase of 93 dong in both directions compared to the beginning of yesterday morning.

In the private banking sector, Techcombank raised its buying price for cash USD to 24,555 VND/USD and its selling price to 24,947 VND/USD, an increase of 47 VND in the buying price and 43 VND in the selling price.

Sacombank also raised the USD exchange rate to 24,560-24,900 VND/USD (buy - sell), an increase of 50 VND on the buying side and 30 VND higher on the selling side.

Notably, Eximbank raised the buying and selling price of cash USD to 24,580-24,990 VND/USD, an increase of 80 VND in the buying price and 70 VND in the selling price.

Compared to the free market, the buying price of USD at commercial banks is over 500 VND lower, while the selling price is nearly 300 VND lower.

On the global market, the USD price has stabilized after rising to a six-week high yesterday.

The demand for safe haven assets, fueled by concerns about escalating tensions in the Middle East, boosted the dollar. The USD also benefited from more dovish expectations from central banks regarding other currencies, including the euro, the British pound, and the Japanese yen.

The US Dollar Index (a measure of the dollar's strength against other major currencies) was at 101.93 points at 10:38 AM on October 4th (Vietnam time), down 0.06% from the previous session.

Bank exchange rates for USD rise rapidly, while free market USD continues its sharp decline . Today, bank exchange rates for USD increased rapidly across the board, with some banks offering rates up to 100 dong higher. Meanwhile, free market USD rates continued their sharp decline from the beginning of the week.

Source: https://vietnamnet.vn/gia-usd-ngan-hang-tang-nhanh-len-sat-25-000-dong-usd-2328709.html