After a mild increase earlier this week, the USD exchange rate in the free market today (August 9th) unexpectedly reversed, falling sharply.
Foreign currency exchange points in the free market this morning traded USD at a common rate of 25,575-25,655 VND/USD (buying – selling). Compared to the previous session, the free market USD rate decreased by 115 VND in both buying and selling prices.
Compared to the peak of 25,950-26,030 VND/USD (buying – selling) on June 27th, the free market USD rate has fallen by 375 VND in both buying and selling prices as of today.
Sharp drop in free market USD rate. Photo: Hoang Ha |
Following the same trend, the USD rate in the official market also declined.
The State Bank of Vietnam announced the central exchange rate for August 9th at 24,260 VND/USD, a decrease of 2 VND from the previous session.
With a permitted fluctuation band of 5%, commercial banks are allowed to trade within a range of 25,473 VND/USD for the ceiling and 23,047 VND/USD for the floor during the day.
The buying and selling rates are still maintained by the State Bank of Vietnam’s Trading Center within the range of 23,400-25,450 VND/USD.
Commercial banks also adjusted the USD rate downward for both buying and selling.
This morning, Vietcombank listed the USD buying and selling rates for cash at 24,925 VND/USD and 25,295 VND/USD, respectively, a decrease of 45 VND from the previous day (August 8th) for both.
VietinBank’s buying and selling rates for USD this morning were 24,939-25,279 VND/USD, a decrease of 52 VND from the previous day for both buying and selling.
In the private joint-stock commercial bank bloc, Techcombank bought USD cash at 24,872 VND/USD and sold at 25,270 VND/USD, a decrease of 55 VND from August 8th for both buying and selling.
Sacombank‘s USD buying and selling rates were listed at 24,955-25,295 VND/USD, a decrease of 5 VND from the previous day for both buying and selling.
Compared to the free market, the buying price at banks is currently lower by 600 VND, while the selling price is nearly 400 VND lower.
Meanwhile, in the global market, the USD rate reversed and fell slightly today.
The US Dollar Index (DXY), which measures the value of the US dollar against a basket of six major currencies, stood at 103.18 points at 11:40 am on August 9th (Vietnam time), down 0.03% from the previous session.
The US dollar strengthened yesterday after new US labor market data showed that unemployment benefits fell more than expected last week, easing concerns about an impending recession.
Hanh Nguyen
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