On February 21, the USD exchange rate in the free market increased significantly by about 50-60 dong compared to yesterday. Accordingly, the selling price of the USD in the black market has reached around 25,150 dong. The buying price is currently around 25,050 dong.
Meanwhile, the USD exchange rate at commercial banks slightly decreased compared to the session on February 20. Specifically, at Vietcombank, the USD exchange rate is currently quoted at 24,340 – 24,680 dong, a decrease of 20 dong compared to yesterday.
The selling price of the USD at many other banks also dropped below 24,700 dong. For example, Techcombank is currently quoting 24,380-24,690 dong, ACB is quoting 23,380-24,680 dong.
The central exchange rate announced by the State Bank of Vietnam today is 23,993 dong/USD, an increase of 5 dong compared to yesterday. With a band of +/-5%, the floor exchange rate and the ceiling exchange rate applicable to commercial banks are 22,793-25,192 dong/USD.
On the international market, the DXY index, which measures the strength of the US dollar against key currencies, continues to maintain a high level above 104 points. The market is waiting for the latest monetary policy meeting minutes from the US Federal Reserve to continue searching for signals about interest rate cuts. The first policy meeting minutes of 2024 from the Federal Reserve is expected to be published on Wednesday. If the Fed cuts interest rates and loosens monetary policy early, the USD will struggle to maintain its high level as it has in the past.
