At 10:30 AM on April 17, the USD exchange rate listed at Vietcombank increased by 122 VND/USD for buying and 92 VND/USD for selling, reaching 25,100 VND/USD (buying) and 25,440 VND/USD (selling), breaking the peak of 24,978-25,348 VND/USD (buying – selling) set yesterday (April 16).
This is the fourth session that the USD selling price has broken its peak, reaching the highest level in Vietcombank’s history since 2000. This level also exceeds the USD spot selling price given by the State Bank of Vietnam (SBV) on the same day, which was 25,392 VND/USD.
Compared to the beginning of the year, the bank’s USD selling price has increased by 3.9%, equivalent to an increase of 945 VND/USD.
|
USD-Index movements in the past 5 years
Source: tradingview
|
The bank USD/VND exchange rate is constantly setting new highs as DXY reaches its highest level in 5 months after Federal Reserve Chairman Jerome Powell said the US economy is not yet showing signs that inflation will return to the central bank’s 2% target. He indicated that it may take “longer than expected” before it is appropriate to cut interest rates.
The Fed chairman’s “tough” stance on interest rates, coupled with the search for a “safe haven” due to escalating geopolitical tensions after Iran’s attack on Israel, has further strengthened the USD, putting pressure on the USD/VND exchange rate.
