The central exchange rate fell for the fifth consecutive week.

Statistics from the past week (February 23-27) show that the central exchange rate announced by the State Bank of Vietnam decreased by 5 dong compared to the week before the Lunar New Year holiday. Thus, the central exchange rate has continuously decreased for 5 trading weeks.

At the close of the week, the central exchange rate stood at 25,044 VND/USD, while the reference exchange rate at the State Bank of Vietnam was 24,842 VND/USD (buying) - 26,246 VND/USD (selling).

Illustrative image.

Meanwhile, at commercial banks, specifically at Vietnam Foreign Trade Commercial Bank (Vietcombank), the exchange rate was traded at 25,820 VND/USD (buying) - 26,230 VND/USD (selling), an increase of 70 dong in both directions. Vietnam Investment and Development Bank ( BIDV ) listed the rate at 25,850 VND/USD (buying) - 26,230 VND/USD (selling), an increase of 60 dong. In the free market, the USD exchange rate traded at 26,680 VND/USD (buying) - 26,720 VND/USD (selling), a sharp increase of 430 dong.

Although exchange rates listed at commercial banks and on the free market moved in the opposite direction to the central rate, the overall exchange rate level did not fluctuate significantly. According to experts, the exchange rate was supported by several positive factors such as the weakening of the US dollar in the international market and strong remittances, thus stabilizing the foreign exchange market.

For the international market, the USD Index (DXY), which measures the strength of the US dollar against other major currencies, stands at 97.77 points. Clearly, foreign investors are showing caution regarding market developments following news that the US Federal Reserve (Fed) may keep interest rates unchanged.

The International Monetary Fund (IMF) forecasts that the US economy will grow by 2.4% this year, higher than the 2.2% of last year; unemployment will be around 4%, and inflation will gradually cool. However, the Fed has only modest room to cut interest rates, possibly by 0.25 percentage points once. The US dollar is expected to continue to depreciate in the near future.

For other foreign currencies listed at commercial banks, the EUR, British Pound (GBP), and Japanese Yen (JPY) all fell, while the Chinese CNY rose slightly.

Accordingly, Vietcombank listed the GBP at 34,205 VND/GBP (buying) - 35,658 VND/GBP (selling), a sharp decrease of 247 - 258 VND compared to the end of last week. BIDV listed the GBP at 34,603 VND/GBP (buying) - 35,731 VND/GBP (selling), a decrease of 215 - 222 VND.

For the CNY, Vietcombank listed the rate at 3,700 VND/CNY (buying) - 3,857 VND/CNY (selling), an increase of 33-34 dong. BIDV listed the rate at 3,737 VND/CNY (buying) - 3,860 VND/CNY (selling), an increase of 37-38 dong.

Source: https://hanoimoi.vn/ty-gia-trung-tam-giam-tuan-thu-5-lien-tiep-735420.html