Bank and free USD prices both increase rapidly

(NLDO) – USD prices in banks and the free market are both increasing, heading towards the peak of this year.

On the morning of October 23, the central exchange rate was listed by the State Bank at 24,250 VND/USD, an increase of 10 VND/USD compared to yesterday. Since the beginning of October, the central exchange rate has increased by nearly 170 VND/USD (+0.7%).

The USD price at commercial banks also continued to rise, approaching the peak of last April. Vietcombank traded USD at 25,220 VND/USD for buying and 25,462 VND/USD for selling, an increase of 10 VND/USD compared to yesterday.

This is also the USD transaction price at Eximbank, ACB , Sacombank this morning.

Since the beginning of October, the bank USD price has increased by about 690 VND, equivalent to an increase of 2.78%.

On the free market, the USD price also continued to increase this morning. Some foreign exchange points quoted the USD buying price at 25,525 VND/USD, selling price at 25,625 VND/USD, a sharp increase of about 70 VND/USD compared to yesterday.

USD price in banks and on the free market increased sharply

The domestic USD price has increased rapidly in the context of the USD index (DXY) on the international market continuously increasing in recent days. If calculated from the beginning of October until now, the DXY index has increased by approximately 4%.

According to analysts, the sharp increase in exchange rates is partly due to the difference between VND and USD interest rates. The DXY index is rising again despite US government bond yields and gold prices hitting new peaks. These factors are creating stronger pressure on the domestic exchange rate trend.

Interbank exchange rates have increased sharply in recent days, currently at 25,200 VND/USD, about 1% away from the old peak (old peak at 25,500 VND/USD).

Faced with the rapid increase in the USD/VND exchange rate, the State Bank has reopened the channel for issuing treasury bills to withdraw money, aiming to reduce pressure on the exchange rate. Analysts from Maybank Securities Company said that in the past few sessions, the State Bank has issued treasury bills, net withdrawing nearly VND34,000 billion.

"This is the first time the State Bank has activated the withdrawal of money using treasury bills after more than 5 months of non-use. However, the winning interest rate is only in the range of 3.75% (for 14-day term) and 4% (28-day term), showing the loosening direction of the management agency. The State Bank has not shown any intention to sell USD to directly intervene in the market," said Maybank experts.

Source: https://nld.com.vn/gia-usd-ngan-hang-va-tu-do-cung-tang-nong-196241023114407297.htm