USD hits 6-month low, exchange rate drops rapidly to 25,850 VND/USD

On the morning of April 11, the central exchange rate announced by the State Bank was 24,923 VND/USD, down 41 VND/USD compared to yesterday and marking the first decrease in April 2025. With a margin of +/-5%, the ceiling exchange rate is currently at 26,169 VND/USD. At commercial banks, the USD exchange rate has fallen even deeper.

Vietcombank listed the exchange rate at 25,490 VND/USD (buying by transfer) and 25,850 VND/USD (selling), down 120 VND/USD compared to yesterday afternoon. At one point this week, the exchange rate jumped to 26,140 VND/USD. The exchange rate on the official market dropped by nearly 200 VND/USD from the peak. However, the free USD price surveyed at some stores remained quite high, continuing to increase by 30-40 VND/USD this morning.

The driving force supporting the cooling of the exchange rate comes from the developments of the US Dollar Index (DXY) as well as reflecting that psychological pressure has cooled down somewhat as Vietnam is among the countries that the US has postponed imposing tariffs for 90 days and high-level bilateral meetings are creating room for trade negotiations. In the international market, the DXY Index fell more than 1%, falling to 101.5 points, the lowest level in 6 months due to concerns about economic and monetary policy instability and the possibility that the Fed will cut interest rates more aggressively.

The US consumer price index (CPI) report last night brought positive news when the data showed that US inflation fell to 2.4% year-on-year in March, lower than the previous month and below the previously expected 2.6% estimate. This is also a factor that may contribute to strengthening expectations of the US Federal Reserve (Fed) to cut interest rates.

Forecasting the exchange rate trend in the coming time, Mr. Nguyen Hoai Linh, Head of VCBF Research Department, also assessed that the pressure on the foreign exchange market could cool down thanks to the decrease in interest rates in the US. Thereby, the interest rate gap between Vietnam and the US will narrow, and speculative activities and hoarding of foreign currencies to benefit from the interest rate gap will decrease. At the same time, in the best scenario, import-export activities will still maintain a trade surplus. However, according to experts from VCBF, developments in the gold market are something to observe when monitoring the pressures on the foreign exchange market. The supply of foreign currencies will depend a lot on this market. If domestic gold demand is still too high, the hoarding of foreign currencies to import gold will affect the supply of foreign currencies.

The recent decline of DXY has given a boost to gold prices. In the international market, gold prices have been increasing continuously, surpassing the 3,200 USD/ounce mark and continuing to set new price peaks. Currently, the spot gold price is trading at 3,218 USD/ounce. The price of gold futures for June 2025 delivery on the Comex New York floor climbed to a new record high, reaching 3,237 USD/ounce, up 59 USD/ounce (+1.85%).

Similarly, at the Shanghai Gold Exchange – Asia’s largest physical gold trading center, the gold price this morning climbed to a new peak when it surpassed 760 yuan/gram. The heat of the global market quickly reflected in the domestic gold price. At Saigon Jewelry Company (SJC), the price of SJC gold bars increased by 2.8 million VND/tael compared to the end of yesterday. The price of gold bars was listed at 103.4 million VND/tael (buy) and 106.4 million VND/tael (sell). Compared to a day ago, gold bars increased by 3.7 million VND/tael for buying and 4.5 million VND/tael for selling. The difference between buying and selling prices widened again to 3 million VND/tael.

Source: https://baodautu.vn/usd-xuong-day-6-thang-ty-gia-giam-nhanh-ve-25850-vndusd-d265798.html