The USD price on the free market today (February 1) decreased very quickly. The free USD price is currently commonly traded around 24,700-24,800 VND/USD (buy - sell).

Thus, compared to the previous session, the free USD price today decreased by 250 VND/USD in buying and 200 VND in selling. The USD selling price has moved away from the 25,000 VND mark.

In the same trend, in the official market, the USD price also tends to cool down.

The central exchange rate announced by the State Bank on February 1 was 23,960 VND/USD, down 31 VND compared to yesterday's listed rate.

USD 1 1226 928 1395 549 1138 451.jpg
Free USD price drops sharply (Photo: Hoang Ha)

Applying a 5% margin, commercial banks are allowed to trade at today's ceiling rate of VND25,158/USD and the floor rate of VND22,762/USD.

The reference buying rate is still maintained by the State Bank of Vietnam at 23,400 VND/USD. The reference selling rate today decreased by 33 VND, listed at 25,108 VND/USD.

The USD/VND exchange rate at many commercial banks today also went down.

Specifically, at 2:15 p.m. on February 1, Vietcombank listed the USD price at 24,190-24,560 VND/USD (buy - sell), down 50 VND/USD in both buying and selling compared to noon yesterday (January 31).

VietinBank also lowered the USD price when buying at 24,165 VND/USD and selling at 24,585 VND/USD (selling), down 25 VND/USD in both directions compared to noon on January 31.

Techcombank bought USD at 24,236 VND/USD and sold at 24,582 VND/USD, down 22 VND/USD in both buying and selling compared to yesterday afternoon.

Sacombank listed the USD price at 24,205-24,670 VND/USD (buy - sell), down 35 VND/USD in both directions compared to noon on January 31.

It can be seen that although the USD price on the free market has decreased sharply, it is still much higher than the USD price at commercial banks.

Specifically, the buying price of USD on the free market is approximately 500 VND higher than at commercial banks. The selling price of USD on the free market is approximately 130-240 VND higher than at commercial banks.

Meanwhile, in the international market, the USD price tends to increase. The US Dollar Index (DXY) - measuring the fluctuations of the greenback against 6 major currencies - at 14:56 on February 1 (Vietnam time) was at 103.8 points, up 0.51% compared to the previous session.

The US dollar rose after the US Federal Reserve decided to keep interest rates unchanged at a 22-year high. Fed Chairman Jerome Powell also ruled out a rate cut in March.

Notably, although the USD price on the international market has recently remained high, the VND/USD exchange rate has tended to cool down.

According to some experts, the domestic USD price went down near the Lunar New Year when the foreign currency supply from remittances became abundant. In Ho Chi Minh City alone, the amount of remittances inflowed last year was approximately 9.5 billion USD, an increase of 43.3% compared to the previous year. This is the highest growth rate in the past 5 years.

USD bank prices fell sharply, the central exchange rate lost the 24,000 VND mark . USD prices at commercial banks today (January 31) fell quite sharply, some banks reduced by up to 100 VND. The central exchange rate also fell sharply, losing the 24,000 VND mark.