Free USD price fluctuates strongly

USD price in banks is stable, free market drops sharply

On the morning of September 23, the State Bank listed the central exchange rate at 25,189 VND/USD, up 3 VND compared to yesterday. However, if calculated within a month, this exchange rate has continuously cooled down from the peak of 25,300 VND.

At major commercial banks such as Vietcombank, BIDV, Eximbank andACB , the USD price this morning remained stable at around 26,218 VND/USD for buying and 26,448 VND/USD for selling, almost unchanged from the previous session. Compared to a month ago, the USD price at banks has decreased by about 0.33%.

In the free market, things were more active. Some foreign exchange points in Ho Chi Minh City quoted the buying price of VND26,485/USD and the selling price of VND26,585/USD, an increase of VND15 compared to yesterday. However, compared to the peak of VND27,000 in early September, the free USD price has decreased by about 1.5%, a rapid cooling in just two weeks. Currently, the difference between the free USD price and the bank price is only about VND50.

Giá USD tự do biến động mạnh - Ảnh 1. — Free USD price cooled down in a short time

International influences and short-term forecasts

The developments in Vietnam follow the global trend as the greenback weakens. In the international market, the USD index (DXY) this morning traded around 97.29 points, a low level for the past month. The main reason comes from the fact that the US Federal Reserve (FED) has just reduced the base interest rate by 0.25 percentage points, to the range of 4 - 4.25% as expected by the market.

Analysts also predict that the Fed will continue to loosen monetary policy in the upcoming meetings. Several other central banks have also cut interest rates to support growth, further putting downward pressure on the USD.

Mr. Nguyen The Minh, Director of individual client analysis at Yuanta Vietnam Securities Company, commented that the USD/VND exchange rate continues to cool down, especially the free exchange rate has dropped sharply by 1.52% in just one week.

According to him, in the short term, the exchange rate in Vietnam will likely remain stable thanks to the narrowing gap between USD and VND interest rates, thereby reducing pressure on the domestic currency.