The free market USD exchange rate reversed course and fell.

On the morning of March 1st, the US dollar exchange rate in Hanoi's free market decreased slightly compared to yesterday's trading session. Specifically, the US dollar is currently being traded at 25,340 - 25,400 VND/USD, a decrease of 20 VND in the buying rate and 30 VND in the selling rate.

Currently, the USD exchange rate on the free market has decreased by more than 460 VND compared to the beginning of February, but has increased by more than 100 VND compared to the beginning of last week.

At state-owned banks, the USD/VND exchange rate, after several days of sharp increases, has now stabilized and shown little change compared to yesterday's trading session, although it still remains at a high level.

Specifically, the USD/VND exchange rate at Vietcombank is currently at 24,450 - 24,820 VND/USD, while Agribank lists the USD price at 24,460 - 24,800 VND/USD.

At BIDV , the USD/VND exchange rate is currently 24,490 - 24,800 VND/USD, while at VietinBank it is 24,407 - 24,827 VND/USD, an increase of 17 VND on the buying side and a decrease of 13 VND on the selling side.

Private banks only recorded a slight increase in exchange rates compared to yesterday. At Techcombank, the USD/VND exchange rate is currently 24,473 – 24,817 VND/USD, a slight increase compared to yesterday.

ACB listed the USD exchange rate at 24,450 – 24,800 VND/USD, while VPBank quoted the USD/VND exchange rate at 24,446 – 24,856 VND/USD, an increase of 3 VND in both buying and selling rates compared to yesterday's trading session.

The central exchange rate decreased by 1 dong to 24,002 dong/USD, and has fallen by 11 dong compared to the beginning of February.

Analyzing recent exchange rate movements, Dr. Nguyen Tri Hieu, a financial and banking expert, believes that exchange rates typically tend to rise in the first half of the year and then cool down towards the end. The USD exchange rate will continue to increase until the US Federal Reserve (Fed) announces a rate cut, at which point the USD/VND exchange rate will slow its increase, or even decrease.

According to Mr. Hieu, in recent times, the domestic exchange rate has been heavily dependent on changes in US monetary policy. The US dollar has been continuously rising globally; at the beginning of the year, the USD-Index stood at 101.38 points, but it has now risen above 104 points. This demonstrates that the US dollar remains strong as the Federal Reserve (Fed) has not lowered interest rates as previously expected.

Huyen Vi

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