The USD exchange rate has exceeded 24,000 VND.

The official exchange rate continued to rise this morning by 40-50 dong to 24,035 dong, the highest level in 8 months, and the USD also experienced significant fluctuations in the free market.

On the morning of August 15th, the State Bank of Vietnam continued to increase the selling price of USD at the exchange floor by another 35 dong to 25,025 dong, the highest level ever.

The central exchange rate announced by the State Bank of Vietnam also increased sharply by 33 dong to 23,881 dong. With a 5% margin, the US dollar is allowed to trade at commercial banks within the range of 22,686 – 25,075 dong.

The US dollar exchange rate at commercial banks increased by 40-50 dong compared to the end of yesterday, officially surpassing the 24,000 dong mark.

Vietcombank continuously adjusted its listed exchange rates this morning. By the end of the morning, the buying and selling price of USD at this bank had risen to 23,665 - 24,035 VND, an increase of 45 VND compared to the end of yesterday.

VietinBank also increased its USD buying and selling rates to 23,881 - 24,030 VND. At BIDV , the USD exchange rate was 23,710 - 24,010 VND. Private banks such as Eximbank, Sacombank, Techcombank, etc., also adjusted their exchange rates above 24,000 VND this morning.

The US dollar exchange rate on the free market also fluctuated this morning, with foreign exchange bureaus sharply increasing their buying and selling prices by 50-70 dong. The buying and selling price of the US dollar on the black market is currently trading around 23,800 - 23,900 dong.

After six months of stability, the exchange rate has tended to rise in recent days, according to experts, due to pressure from a weakening yuan.

The exchange rate is currently at its highest level in eight months and has increased by approximately 1.2% since the beginning of the year. However, the USD price remains lower than its peak from October to December last year due to pressure from monetary tightening countries around the world .

According to Shinhan Bank's analysis team, the Vietnamese dong typically moves in the same direction as the Chinese yuan when China is its largest trading partner. The recent weakening of the yuan, due to the slowdown in China's manufacturing sector recovery, is putting downward pressure on the dong in the short term.

Quynh Trang

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