The central exchange rate announced by the State Bank of Vietnam on March 12 is 23,955 dong, a decrease of 17 dong compared to the previous session.
With a fluctuation limit of 5%, commercial banks are allowed to trade at the ceiling exchange rate of 25,153 dong/USD and the floor exchange rate of 22,757 dong/USD.
Meanwhile, the reference buying rate remains at 23,400 dong/USD, while the reference selling rate has decreased by 19 dong from the previous day to 25,102 dong/USD.
The USD/VND exchange rate at commercial banks also decreased today.
Specifically, at 11:30 on March 12, Vietcombank quoted the USD exchange rate at 24,430-24,800 dong/USD (buying – selling), a decrease of 10 dong/USD in both buying and selling prices compared to the noon of the previous day (March 11).
 The USD exchange rate at the banks has gone down. Photo: Hoang Giam |
At the same time, Vietinbank is trading USD at a price of 24,393 dong/USD (buying) and 24,813 dong/USD (selling), a decrease of 17 dong/USD in both buying and selling prices compared to noon on March 11.
Techcombank buys USD at a price of 24,466 dong/USD and sells at 24,810 dong/USD. Compared to the previous noon, the USD price at Techcombank at noon today decreased by 14 dong/USD in both buying and selling prices.
Sacombank quotes the USD exchange rate at 24,435-24,900 dong/USD (buying – selling), a decrease of 5 dong/USD in both buying and selling prices compared to noon on March 11.
In the free market, after a strong increase and reaching a peak of 25,700 dong/USD (selling) yesterday, the USD exchange rate in this market has turned downward.
The free market USD exchange rate today is commonly traded around 25,480-25,600 dong/USD (buying – selling), a decrease of 20 dong in the buying price and 100 dong in the selling price compared to yesterday.
Although cooling down, the USD exchange rate in the free market is still much higher than at commercial banks. The buying price of USD in the free market is more than 1,000 dong/USD higher and the selling price is about 700-800 dong higher than the bank’s price.
The USD/VND exchange rate decreased after the State Bank of Vietnam made a move to reintroduce bond auctions after more than 4 months of suspension.
According to information from the State Bank of Vietnam, in the session on March 11, the central bank absorbed nearly 15 trillion dong through a 28-day bond channel. The winning bid interest rate in the session on March 11 is 1.4% per year, much lower than the 2.13% per year interest rate of the 1-month term interest rate in the interbank market.
The USD in the domestic market decreased in the context of the global USD exchange rate going down.
The greenback has continuously depreciated in recent sessions as US bond yields have fallen, due to expectations that the US Federal Reserve will soon begin to loosen monetary policy.
The US Dollar Index (DXY) – which measures the fluctuations of the US dollar against a basket of 6 key currencies – at 12:01 PM today (March 12, Vietnam time) was at 102.83 points, a decrease of 0.04% compared to the previous session.
Hanh Nguyen
