International USD price increases, banks sell at nearly 24,600 VND

The central exchange rate between VND and USD announced by the State Bank today is 24,065 VND/USD, up 6 VND compared to yesterday. Yesterday, the central exchange rate turned down by 30 VND after many sessions of increase.

Applying a margin of 5%, commercial banks are allowed to trade at a ceiling rate of VND25,262/USD and a floor rate of VND22,856/USD.

The reference selling rate at the State Bank of Vietnam today increased by 7 VND compared to yesterday, to 25,218 VND/USD. Meanwhile, the reference buying price remained unchanged at 23,400 VND/USD.

The USD/VND exchange rate at commercial banks today continued to increase from yesterday. The USD selling price at some banks has approached the 24,600 VND/USD mark.

Specifically, at 11:43 a.m. on October 3, Vietcombank listed the USD price at 24,210-24,580 VND/USD (buy - sell), an increase of 90 VND in both buying and selling compared to yesterday afternoon.

Vietinbank traded USD at 24,153 VND/USD (buy) and 24,573 VND/USD (sell), up 64 VND/USD in both directions compared to yesterday afternoon.

At the same time, Sacombank listed the USD price at 24,200-24,553 VND/USD (buy - sell), an increase of 65 VND/USD in buying and 63 VND in selling compared to yesterday afternoon.

In the free market, the USD price is currently commonly traded around 24,500-24,550 VND/USD (buy - sell).

It can be seen that the buying price of USD in the free market is currently 290-347 VND/USD higher than the buying price at some commercial banks. The selling price of USD in the free market is almost equal to the selling price at commercial banks.

In the international market, the USD price increased sharply after the US government avoided a shutdown and economic data supported the view that the US Federal Reserve (Fed) will keep interest rates high for a longer period to control inflation. The US Dollar Index (DXY) surpassed the 107 mark and reached its highest level since mid-November 2022.

In the context of the rising international USD, the domestic USD exchange rate is also under a lot of pressure, especially when Vietnam's monetary policy is somewhat opposite to that of the US.

In order to reduce pressure on exchange rates, from September 21, the State Bank reopened the channel to withdraw money through treasury bills after more than 6 months of suspension in the context of excess liquidity in the system and interest rates in the interbank market remaining at the lowest level since the beginning of 2021.

In the last 8 consecutive trading sessions, the State Bank has successfully bid for nearly VND100,700 billion worth of treasury bills, thereby withdrawing a corresponding amount of VND from the banking system. These treasury bills all have a term of 28 days and are offered for sale through the interest rate bidding method.

The central exchange rate today, October 2, has turned down sharply after many days of increase. The USD price at some commercial banks has increased slightly, while the USD price on the free market has increased sharply.

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