On December 15th, the central exchange rate listed by the State Bank of Vietnam was 25,144 VND/USD, a decrease of 4 VND compared to the end of the week, maintaining a downward trend since the beginning of the month.
The US dollar exchange rate at commercial banks such as Vietcombank, BIDV, and Agribank is trading around 26,121 VND/USD for buying and 26,401 VND/USD for selling, a decrease of 4 VND compared to the end of last week.
Meanwhile, the free market exchange rate for USD this morning was quoted by some trading points in Ho Chi Minh City at 27,242 VND/USD for buying and 27,372 VND/USD for selling, a decrease of about 10 VND compared to the end of last week.
Since the beginning of December, the free market USD exchange rate has fallen by more than 300 dong. Compared to its peak of 28,000 dong in mid-November, the free market USD exchange rate has decreased by approximately 600 dong.
The free market USD price has fallen by approximately 2.5% from its peak reached in mid-November.
The exchange rate in Vietnam is under less pressure amid the continued low level of the US dollar internationally. This morning, the US dollar index (DXY) traded at 98.37 points – its lowest level in about two months. The US dollar weakened after the Federal Reserve (FED) cut interest rates for the third time this year, by another 0.25 percentage points at last week's policy meeting. Currently, the benchmark US interest rate is around 3.5% - 3.75%, the lowest level since November 2022.
Currently, the USD/VND exchange rate has fallen by about 0.3% from its peak, narrowing the year-to-date gain to approximately 3.5%, while the exchange rate on the free market has lost as much as 2.5% from its peak.
According to experts at MBS Securities, with the forecast of a weakening US dollar, the supply of US dollars in Vietnam will be more abundant towards the end of the year thanks to exports and remittances, helping to reduce exchange rate pressure.
Experts at Maybank Securities also believe that the Fed's further interest rate cuts and continued monetary easing will help narrow the USD-VND interest rate differential. This will reduce pressure on the exchange rate in Vietnam and create favorable conditions for the State Bank of Vietnam to consolidate foreign exchange reserves, giving it more room to maneuver in interest rate management.
The free market USD exchange rate has cooled down.
Source: https://nld.com.vn/gia-usd-tu-do-giam-rat-manh-196251215092127019.htm
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