Today, the exchange rate of USD on the free market is continuing to increase sharply from yesterday.
Popular exchange points on the free market this morning traded USD around 25,540-25,670 dong/USD (buying – selling). This is the highest price range of USD on the free market to date.
The selling rate of USD on the free market has surged to nearly 25,700 dong, breaking the old record. In October 2022, the free market selling price of USD was traded at 25,500 dong under the pressure from the international market.
Compared to the previous session, the free market USD today increased by 60 dong/USD in the buying direction and increased by 90 dong in the selling direction.
Yesterday, the free market USD also increased by 110 dong/USD in the buying direction and increased by up to 140 dong in the selling direction.
Therefore, in 2 sessions, the free market USD has increased by 170 dong/USD in the buying direction and increased by 230 dong in the selling direction.
The USD price on the free market tends to increase. Photo: Nam Khanh |
So far this year, the free market USD has increased by about 920 dong in the buying direction and increased by 970 dong in the selling direction.
In the banking market, the USD exchange rate today is fluctuating slightly.
Specifically, at 11am on March 5, Vietcombank listed the USD rate at 24,480-24,850 dong/USD (buying – selling), up by 10 dong in both the buying and selling directions compared to yesterday morning.
At the same time, VietinBank traded USD at a price of 24,448 dong/USD (buying) and 24,868 dong/USD (selling), up by 7 dong in both directions compared to yesterday morning.
In the private joint stock commercial banking sector, Techcombank buys USD at a price of 24,516 dong/USD and sells at a price of 24,862 dong/USD, up by 3 dong in both directions compared to yesterday morning.
Meanwhile, Sacombank listed the USD rate at 24,480-24,945 dong/USD (buying – selling) this morning, down by 5 dong in both directions compared to yesterday morning.
The difference in the USD rate between the free market and the banking system is quite large. Each USD that the bank buys is currently lower than 1,000 dong compared to the free market. The selling price of the bank is also lower than the free market by about 700-800 dong.
According to analysts, the hoarding of foreign currencies in the context of the continuous increase in USD in both the domestic and global markets has led to a large difference in the USD rate on the free market compared to the banks.
The central exchange rate announced by the State Bank of Vietnam on March 5 is 24,012 dong/USD, up by 8 dong compared to yesterday.
Applying a fluctuation of 5%, commercial banks are allowed to trade at a ceiling rate of 25,213 dong/USD and a floor rate of 22,811 dong/USD today.
The reference selling rate is also increased by 8 dong by the State Bank Trading Department, bringing the trading range to 23,400-25,162 dong/USD (buying – selling).
USD in Vietnam has collectively increased while the global price remains flat as investors are waiting for economic data from the US.
By Hanh Nguyen
