After a slight increase yesterday, the USD price on the free market today (July 16) suddenly decreased sharply.

Foreign exchange points in the free market this morning traded USD at a common price of 25,620-25,690 VND/USD (buy - sell). Compared to the previous session, the free USD price decreased by 90 VND in both buying and selling directions.

Compared to the peak of 25,950-26,030 VND/USD (buy - sell) set on June 27, the free USD price today has "evaporated" 330 VND in the buying direction and decreased 340 VND in the selling direction.

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The free USD price suddenly plummeted. Photo: Nam Khanh

Meanwhile, the USD price on the official market is quite stable.

The State Bank announced the central exchange rate on July 16 at 24,245 VND/USD, unchanged from the previous session.

Applying a 5% margin, commercial banks are allowed to trade today at a ceiling rate of VND25,457/USD and a floor rate of VND23,033/USD.

The buying and selling exchange rates are still maintained by the State Bank of Vietnam within the trading range of 23,400-25,450 VND/USD.

Meanwhile, the USD buying price at some commercial banks was adjusted down slightly in the buying direction, but the selling direction was kept at the ceiling price.

This morning, Vietcombank listed the USD cash buying price at 25,207 VND/USD, selling price at 25,457 VND/USD (buy - sell), unchanged from yesterday morning (July 15).

This morning, VietinBank bought and sold USD at 25,192-25,457 VND/USD, down 34 VND in buying and unchanged in selling compared to yesterday morning.

At the private joint stock commercial bank block, Techcombank bought USD cash at 25,155 VND/USD, sold at 25,457 VND/USD, down 38 VND in buying and unchanged in selling compared to the morning of July 15.

Sacombank listed the USD price at 25,180-25,457 VND/USD (buy - sell), down 20 VND in the buying price and unchanged in the selling price compared to yesterday morning.

Compared to the free market, the USD buying price at banks is over 400 VND lower and the USD selling price is 233 VND lower.

In the world market, the USD price today tends to recover after plunging due to comments from US Federal Reserve Chairman Jerome Powell about the opportunity to soon lower interest rates.

The US Dollar Index (measuring the greenback's fluctuations against six major currencies) returned to the 104-point mark today. At 12:06 on July 16 (Vietnam time), the US Dollar Index was at 104.33 points, up 0.14% from the previous session.

The free USD price plummeted, moving away from the 26,000 VND mark . The USD price on the free market today fell sharply, moving away from the 26,000 VND/USD mark (selling). Compared to the peak set at the end of last week, the free USD price has lost more than 200 VND.