The bank exchange rate has risen sharply to 24,600 VND, 3.7% higher than at the beginning of the year and still about 1.1% away from its previous peak.
On September 26th, the State Bank of Vietnam announced the central exchange rate at 24,084 VND, an increase of 8 VND compared to yesterday. With a 5% margin compared to the central exchange rate, commercial banks are allowed to trade USD within the range of 22,879 VND to 25,288 VND.
This morning, the State Bank of Vietnam's Exchange Department also raised the selling price by 9 dong to 25,238 dong, while keeping the buying price unchanged at 23,400 dong.
The US dollar exchange rate at commercial banks rose sharply by about 70-80 dong compared to yesterday by midday, reaching its highest level since the beginning of the year.
At Vietcombank , the exchange rate rose to 24,240 - 24,610 VND, an increase of 75 VND in both directions compared to the end of yesterday. The USD buying and selling rates at Vietinbank increased to 24,188 - 24,608 VND. By midday today, Eximbank also raised its buying and selling rates to 24,200 - 24,600 VND.
Thus, the bank exchange rate for USD has increased by 3.7% since the beginning of the year and is still 1.1% away from the peak set in the last quarter of last year.
On the international market, the USD Index – a measure of the dollar's strength – has also risen nearly 1% over the past week, currently trading above 106 points. Late last week, the US Federal Reserve (Fed) announced it would keep its benchmark interest rate unchanged at its highest level in 22 years, as previously predicted by the market. However, Fed officials recently indicated that a more aggressive tightening of policy "is certainly unavoidable."
In contrast to the USD, domestic gold prices have been trending downwards in recent days, falling below 69 million VND per tael. Gold bar prices decreased by 250,000 VND in the first two days of the week, trading at 68.1 - 68.9 million VND per tael.
Quynh Trang
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