USD exchange rate today August 31, 2024: USD increases sharply

USD/VND exchange rate today, August 31, 2024 in the domestic market

Today's USD exchange rate (August 31, 2024) at VCB remains stable, while the US dollar strengthens as inflation data reinforces the Fed's interest rate cuts.

The central VND/USD exchange rate today (August 31) was announced by the State Bank of Vietnam (SBV) at 24,221 VND/USD, unchanged compared to the trading session on August 30.

Currently, the permitted exchange rate for commercial banks ranges from 23,400 to 25,450 VND/USD. The USD exchange rate has also been brought within the buying and selling range of 23,400 to 25,450 VND/USD by the State Bank of Vietnam's Exchange Department.

The USD exchange rate at banks, foreign exchange rates, and domestic USD prices recorded an increase this morning. Specifically, Vietcombank's buying rate was 24,660 and the selling rate was 25,030, unchanged from the buying and selling rates of the August 30th trading session. The current buying and selling prices of USD are in the range of 24,000 – 25,500 VND/USD.

1. VCB – Updated: August 31, 2024 05:00 – Time of website supply source
Foreign currency		Buy		Sell
Name	Code	Cash	Transfer
Australian Dollar	AUD	16,476.93	16,643.36	17,191.71
Canadian Dollar	CAD	17,972.86	18,154.40	18,752.53
SWISS FRANC	CHF	28,552.73	28,841.14	29,791.36
YUAN RENMINBI	CNY	3,431.90	3,466.56	3,581.31
DANISH KRONE	DKK	-	3,624.00	3,765.93
EURO	CZ	26,832.82	27,103.86	28,327.84
POUND STERLING	GBP	31,917.54	32,239.94	33,302.15
HONG KONG DOLLAR	HKD	3,106.12	3,137.50	3,240.87
INDIAN RUPEE	INR	-	295.45	307.52
YEN	rush	166.07	167.74	175.91
Korean Won	KRW	November 16	17.90	19.55
KUWAITI DINAR	KWD	-	81,167.50	84,483.28
MALAYSIAN RINGGIT	MYR	-	5,690.78	5,819.77
NORWEGIAN KRONER	NOK	-	2,312.56	2,412.76
Russian Ruble	RUB	-	258.81	286.74
SAUDI RIAL	SAR	-	6,604.07	6,873.85
SWEDISH KRONA	SEK	-	2,377.63	2,480.66
SINGAPORE DOLLAR	SGD	18,595.23	18,783.06	19,401.90
THAILAND BAHT	THB	648.89	720.99	749.22
US DOLLAR	cau	24,660.00	24,690.00	25,030.00

2. Agribank – Updated: 01/01/1970 08:00 – Time of website source supply
Foreign currency		Buy		Sell
Name	Code	Cash	Transfer
cau	cau	24,700.00	24,710.00	25,050.00
CZ	CZ	27,024.00	27,133.00	28,258.00
GBP	GBP	32,139.00	32,268.00	33,263.00
HKD	HKD	3,126.00	3,139.00	3,244.00
CHF	CHF	28,808.00	28,924.00	29,825.00
rush	rush	167.38	168.05	175.81
AUD	AUD	16,597.00	16,664.00	17,177.00
SGD	SGD	18,752.00	18,827.00	19,382.00
THB	THB	713.00	716.00	748.00
CAD	CAD	18,104.00	18,177.00	18,730.00
NZD	NZD		15,351.00	15,863.00
KRW	KRW		17.86	19.71

3. Sacombank – Updated: April 25, 2002 07:16 – Time of website source supply
Foreign currency		Buy		Sell
Name	Code	Cash	Transfer
cau	cau	24710	24710	25050
AUD	AUD	16733	16783	17285
CAD	CAD	18255	18305	18756
CHF	CHF	29082	29132	29686
CNY	CNY	0	3474.7	0
CZK	CZK	0	1060	0
DKK	DKK	0	3713	0
CZ	CZ	27321	27371	28074
GBP	GBP	32561	32611	33263
HKD	HKD	0	3185	0
rush	rush	169.55	170.05	175.56
KHR	KHR	0	6,032	0
KRW	KRW	0	18.3	0
LAK	LAK	0	0.993	0
MYR	MYR	0	5887	0
NOK	NOK	0	2368	0
NZD	NZD	0	15375	0
PHP	PHP	0	410	0
SEK	SEK	0	2440	0
SGD	SGD	18900	18950	19501
THB	THB	0	692.9	0
TWD	TWD	0	772	0
XAU	XAU	8,000,000	8,000,000	8100000
XBJ	XBJ	7300000	7300000	7620000

In the "black market", the black market USD exchange rate as of 5:30 a.m. on August 31, 2024 is as follows:

Black market on August 31, 2024. Photo: Chogia.vn

Today's USD exchange rate on the world market (August 31, 2024)

The Dollar Index (DXY), which measures the USD against six major currencies (EUR, JPY, GBP, CAD, SEK, CHF), closed at 101.73 points, up 0.35 points from the trading session on August 30, 2024.

USD (DXY) exchange rate developments in recent days (Source: Investing)

The US dollar surged today after data showed a key inflation measure in line with forecasts, while personal spending and income rose, supporting expectations that the Federal Reserve may cut interest rates by another 25 basis points next month, instead of 50 basis points.

Some market participants had expected larger rate cuts next month, arguing that the Fed was lagging behind in easing policy and should catch up.

LSEG's calculations on Friday indicated a 31% probability of a 50-basis-point rate cut next month for U.S. futures interest rates, down from Thursday's 35% probability, with the market fully pricing in the Fed's first easing in over four years at its September meeting.

The market has also priced in a cut of around 100 basis points by the end of 2024.

The US dollar rose 0.8% to 146.09 yen following inflation data, its biggest daily gain in two weeks. The dollar gained 1.2% for the week, on track for its biggest weekly gain since mid-June.

But the greenback still fell 2.6% in August, its second straight monthly decline against the Japanese currency.

Today's data shows the personal consumption expenditure (PCE) price index rose 0.2% last month, in line with expectations, following an unadjusted 0.1% increase in June. For the 12 months to July, the PCE price index rose 2.5%, matching the increase in June.

Consumer spending also rose 0.5% last month after rising 0.3% in June.

Peter Cardillo, chief market economist at Spartan Capital Securities in New York, said: “ It’s clear we’re going to cut interest rates and I think whether it’s 25 or 50 is still up for debate and it all depends on next week’s jobs data. I see three rate cuts and I see the possibility of a half-percentage cut in September, depending on the jobs data. Otherwise, it’s going to be a 25 basis point cut in September and then a 50 basis point cut in December .”

The US dollar index, a measure of the currency's value against six major currencies, rose to a 10-day high following inflation data, gaining 0.3% to 101.7. For the week, the index gained 1%, heading for its best weekly performance since early April.

However, this month, the index fell 2.6%, the weakest level since November last year.

Overall, the USD continued to benefit from inflows at the end of the month, after being sold off following Federal Reserve Chairman Jerome Powell's clearest signal yet at last week's Jackson Hole meeting that the US central bank would cut interest rates at its September meeting.

Separate economic reports showed the University of Michigan's monthly consumer sentiment index rose to 67.9 in August from an eight-month low of 66.4 in July, breaking a four-month slump. The survey indicated that U.S. consumers see inflation continuing to ease slightly over the next year, with the measure of price growth expectations released Friday at its lowest August level since late 2020.

The US dollar pared gains after the report.

In other currencies, the euro fell 0.2% against the dollar to $1.1050. The currency has dropped 1.3% this week, heading for its biggest weekly loss since April.

However, the euro rose 2.1% in August, its best monthly gain since November 2023, while the European Central Bank remains on track to cut interest rates again next month.

The common currency fell to its lowest level in more than a week on Thursday and closed down 0.4% after German inflation fell more sharply than expected, bolstering investor expectations that the ECB would cut interest rates.

The Chinese yuan rose to a 14-month high against the US dollar, its biggest monthly gain since November, amid increasing business demand for the currency as expectations of a US interest rate cut grew.

The onshore yuan appreciated to 7.0825 yuan per US dollar before exchanging to 7.0920 yuan, projected to rise by about 1.9% in August.

USD exchange rate on August 31, 2024. (Illustrative image)

Refer to the popular addresses for Foreign Currency Exchange - Buying and Selling USD in Hanoi:

1. Quoc Trinh Ha Trung Gold Shop – 27 Ha Trung Street, Hang Bong Ward, Hoan Kiem District, Hanoi

2. Gold and Silver Handicrafts – No. 31 Ha Trung Street, Hang Bong Ward, Hoan Kiem District, Hanoi

3. Minh Chien Gold and Silver Shop – 119 Cau Giay Street, Cau Giay District, Hanoi

4. Thinh Quang Gold and Silver Company – 43 Ha Trung Street, Hang Bong Ward, Hoan Kiem District, Hanoi

5. Toan Thuy Store – 455 Nguyen Trai Street, Thanh Xuan District, Hanoi and 6 Nguyen Tuan Street, Thanh Xuan District, Hanoi

6. Bao Tin Minh Chau Gold, Silver and Gemstones – No. 19 Tran Nhan Tong, Hai Ba Trung District, Hanoi

7. Chinh Quang Store – 30 Ha Trung Street, Hang Bong Ward, Hoan Kiem District, Hanoi

8. Kim Linh 3 Store – 47 Ha Trung Street, Hang Bong Ward, Hoan Kiem District, Hanoi

9. Huy Khoi Store – No. 19 Ha Trung, Hang Bong, Hoan Kiem District, Hanoi

10. The system of transaction offices at banks such as: Sacombank, VietinBank, Vietcombank, SHB

Refer to the popular addresses for Foreign Currency Exchange - Buying and Selling USD in Ho Chi Minh City:

1. Minh Thu Foreign Exchange – 22 Nguyen Thai Binh Street, District 1, Ho Chi Minh City

2. Kim Mai Gold Shop – 84 Cong Quynh, District 1, HCMC

3. Kim Chau Gold Shop – 784 Dien Bien Phu, Ward 10, District 10, Ho Chi Minh City

4. Saigon Jewelry Center – 40-42 Phan Boi Chau, District 1, HCMC

5. Kim Hung Foreign Exchange Agency – 209 Pham Van Hai Street, Binh Chanh District, Ho Chi Minh City

6. DOJI Jewelry Store – Diamond Plaza Le Duan, 34 Le Duan Street, Ben Nghe Ward, District 1, Ho Chi Minh City

7. Kim Tam Hai Shop – No. 27 Truong Chinh, Tan Thoi Nhat Ward, District 12, HCMC

8. Bich Thuy Gold Shop – No. 39 Pham Van Hai Market, Ward 3, Tan Binh District, HCMC

9. Ha Tam Gold Shop – 2 Nguyen An Ninh Street, Ben Thanh Ward, District 1, Ho Chi Minh City

10. System of transaction offices at banks in Ho Chi Minh City such as: Sacombank, VietinBank, Vietcombank, SHB, Eximbank

Source: https://congthuong.vn/ty-gia-usd-hom-nay-3182024-dong-usd-tang-manh-342612.html