After a steep decline in the session on March 7, dropping to 25,280-25,350 dong/USD (buy – sell), the USD exchange rate in the free market reversed and increased significantly from March 8.
The exchange rates for USD buying and selling on the free market this morning were popularly around 25,500-25,700 dong/USD. This is the highest price range for USD selling on the free market to date.
Compared to the previous session, the free market exchange rate for USD today increased by 30 dong/USD for buying and 150 dong/USD for selling.
On March 8, the free market exchange rate for USD increased by 20 dong/USD for buying and 30 dong/USD for selling. At the end of the week, the free market exchange rate for USD continued to increase by 170 dong/USD in both buying and selling directions.
Therefore, since March 8, the free market exchange rate for USD has increased by 220 dong/USD for buying and 350 dong/USD for selling.
From the beginning of the year until now, the free market exchange rate for USD has increased by about 880 dong for buying and 1,000 dong for selling.
The exchange rate for USD in the free market hit a new peak. Photo: Hoang Ha |
Meanwhile, in the banking market, the exchange rate for USD decreased today.
Specifically, at 12:30 pm on March 11, Vietcombank quoted the exchange rate for USD at 24,440-24,810 dong/USD (buy – sell), a decrease of 60 dong for both buying and selling compared to the previous trading session (March 8).
At the same time, VietinBank traded USD at a price of 24,410 dong/USD for buying and 24,830 dong/USD for selling, a decrease of 30 dong for buying and 50 dong for selling compared to the morning of March 8.
Similarly, Techcombank decreased by 36 dong for buying and 38 dong for selling compared to the morning of March 8 when buying USD at a price of 24,480 dong/USD and selling at a price of 24,824 dong/USD.
Meanwhile, Sacombank at noon today quoted the exchange rate for USD at 24,440-24,905 dong/USD (buy – sell), a decrease of 40 dong for buying and 45 dong for selling compared to the morning of March 8.
The gap between the exchange rates for USD in the free market and in banks is quite large. The buying rate for USD at banks is currently lower by about 1,000 dong, and the selling rate is also lower by about 800-900 dong compared to the free market.
Analysts believe that the hoarding of foreign currencies has caused a large disparity between the USD exchange rate in the free market and in banks.
The central exchange rate announced by the State Bank of Vietnam on March 11 is 23,972 dong/USD, a decrease of 24 dong compared to the quoted rate in the previous week.
Applying a 5% band, today commercial banks are allowed to trade with the ceiling rate of 25,171 dong/USD and the floor rate of 22,773 dong/USD.
The reference selling rate announced by the State Bank Trading Office has also decreased by 24 dong, bringing the trading range to 23,400-25,122 dong/USD (buy – sell).
Hanh Nguyen
