On March 11, foreign exchange points increased the selling price of USD by 150 VND compared to yesterday, to 25,700 VND per USD. The buying price increased by about 30 VND, to 25,500 VND.
The free exchange rate is in contrast to the official market. Today, the State Bank announced the central rate of 23,972 VND, a sharp decrease of 24 VND compared to the end of last week. With a 5% margin compared to the central rate, commercial banks are allowed to buy and sell USD in the range of 22,773 - 25,170 VND.
Exchange rates at banks are also currently trending sideways and cooling down compared to last week. Vietcombank decreased 30 VND in both directions to 24,440 - 24,810 VND. BIDV kept the USD buying and selling price unchanged at 24,500 - 24,810 VND. At Eximbank, the USD buying and selling price also fluctuated between 24,410 - 24,800 VND.
Accordingly, each USD sold by banks is nearly 900 VND lower than the free market, and the buying price is about 1,050 VND lower.
In the international market, the greenback's strength is also declining, amid messages suggesting the possibility of the US Federal Reserve (Fed) cutting interest rates this year. The USD Index, which measures the strength of the greenback, has fallen 1.37% over the past month.
The recent "heating up" of the domestic USD price, especially in the free market, according to the assessment of Dragon Capital Securities Company (VDSC), may be related to the development of gold prices. According to observations, the larger the gap between domestic and world gold prices, the stronger the upward pressure on the USD/VND exchange rate, especially in the free market.
In addition, trade data for the first two months of this year showed that although the overall trade surplus widened compared to the same period last year, the domestic trade deficit also tended to increase sharply. Increased import demand from the domestic sector also led to devaluation pressure on the dong in the official market.
In addition, the positive interest rate differential between USD and VND has increased again in recent days, implying that the impact of carry trade on the VND's performance has not ended. The fact that VND deposit interest rates are decreasing to low levels is also a factor that increases the attractiveness of other asset channels including foreign currency and gold.
Meanwhile, after a week of record price increases, the price of gold bars and gold rings has slowed down this morning. Saigon Jewelry Company (SJC) kept the selling price unchanged at 82 million VND, but increased the buying price by half a million VND to 80 million VND per tael.
24K plain gold rings at SJC this morning increased by half a million VND in both directions to 68.85 - 70.1 million VND. At Bao Tin Minh Chau, plain gold rings are anchored at nearly 70.1 - 71.4 million VND per tael.
TH (according to VnExpress)Source
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