After a slight increase yesterday, the USD price in the free market today (July 16th) unexpectedly dropped sharply.
Foreign currency exchange points in the free market this morning traded USD at a common rate of 25,620-25,690 VND/USD (buying – selling). Compared to the previous session, the free USD rate decreased by 90 VND in both buying and selling prices.
Compared to the peak of 25,950-26,030 VND/USD (buying – selling) set on June 27th, today’s free USD rate has “evaporated” by 330 VND in the buying price and decreased by 340 VND in the selling price.
Free USD price suddenly plunges. Photo: Nam Khanh |
Meanwhile, the USD price in the official market remains stable.
The State Bank of Vietnam announced the central exchange rate for July 16th at 24,245 VND/USD, unchanged from the previous session.
Applying a 5% margin, commercial banks are allowed to trade with a ceiling rate of 25,457 VND/USD and a floor rate of 23,033 VND/USD today.
The buying and selling rates are still maintained by the State Bank of Vietnam’s Trading Center within the trading range of 23,400-25,450 VND/USD.
Meanwhile, the buying price of USD at some commercial banks was slightly adjusted downwards, but the selling price remained at the ceiling rate.
This morning, Vietcombank listed the USD buying price for cash at 25,207 VND/USD and the selling price at 25,457 VND/USD (buying – selling), unchanged from yesterday (July 15th).
VietinBank this morning bought and sold USD at 25,192-25,457 VND/USD, down 34 VND on the buying side and unchanged on the selling side compared to yesterday.
In the private joint-stock commercial bank bloc, Techcombank bought USD cash at 25,155 VND/USD and sold at 25,457 VND/USD, down 38 VND on the buying side and unchanged on the selling side compared to July 15th.
Sacombank listed the USD buying and selling rates at 25,180-25,457 VND/USD, down 20 VND on the buying side and unchanged on the selling side compared to yesterday.
Compared to the free market, the USD buying price at banks is more than 400 VND lower, while the selling price is 233 VND lower.
In the global market, the USD price tends to recover after a plunge due to comments from the Chairman of the US Federal Reserve (Fed) Jerome Powell about the possibility of an early interest rate cut.
Hanh Nguyen
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