The free market USD exchange rate fluctuates sharply.

USD exchange rates at banks remain stable, while rates in the free market have fallen sharply.

On the morning of September 23, the State Bank of Vietnam listed the central exchange rate at 25,189 VND/USD, an increase of 3 VND compared to yesterday. However, over the past month, this exchange rate has continuously cooled down from its peak of 25,300 VND.

At major commercial banks such as Vietcombank, BIDV, Eximbank, andACB , the USD exchange rate remained stable this morning 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%.

On the free market, the situation is somewhat more active. Some foreign exchange bureaus in Ho Chi Minh City quoted the buying price at 26,485 VND/USD and the selling price at 26,585 VND/USD, an increase of 15 VND compared to yesterday. However, compared to the peak of 27,000 VND at the beginning of September, the free market USD price has decreased by about 1.5%, a relatively rapid cooling down in just two weeks. Currently, the difference between the free market USD price and the bank price is only about 50 VND.

Giá USD tự do biến động mạnh - Ảnh 1. — The free market USD exchange rate cooled down briefly.

International influences and short-term forecasts

Developments in Vietnam follow the global trend of a weakening US dollar. On the international market, the USD index (DXY) traded around 97.29 points this morning, a month-long low. This is primarily due to the US Federal Reserve (FED) recently lowering its benchmark interest rate by 0.25 percentage points to the 4-4.25% range, as expected by the market.

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

Mr. Nguyen The Minh, Director of Retail Client Analysis at Yuanta Securities Vietnam, commented that the USD/VND exchange rate continues to cool down, especially with the free market rate falling sharply by 1.52% in just one week.

According to him, in the short term, the exchange rate in Vietnam is likely to remain stable thanks to the narrowing USD-VND interest rate differential, thereby reducing pressure on the domestic currency.