The State Bank of Vietnam has announced the central exchange rate of the Vietnamese Dong to the US Dollar on August 26 to be 24,254 VND, a 4 VND increase from the listing last week.
With a permitted fluctuation margin of 5%, commercial banks are allowed to trade with a ceiling price of 25,467 VND/USD and a floor price of 23,041 VND/USD.
Meanwhile, the reference buying and selling rate of USD is maintained by the State Bank’s Trading Center at around 23,400-25,450 VND/USD.
At commercial banks, the USD/VND exchange rate has been significantly adjusted downwards. The banks unanimously reduced the rate by more than 100 VND compared to the trading session last week (August 23).
At the beginning of the morning session today (August 26), Vietcombank listed the cash buying rate at 24,700 VND/USD and the selling rate at 25,070 VND/USD, a decrease of 100 VND in both buying and selling rates compared to the beginning of the trading session last week (August 23).
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Similarly, VietinBank significantly reduced its rates by 131 VND in both directions compared to the beginning of the morning session on August 23, listing at 24,716-25,056 VND/USD (buying-selling).
Following the same trend, in the group of joint-stock commercial banks, the price of USD also decreased sharply.
Techcombank this morning bought USD cash at a rate of 24,692 VND/USD and sold at 25,083 VND/USD, a decrease of 128 VND in the buying direction and a decrease of 129 VND in the selling direction compared to the beginning of the morning session on August 23.
Sacombank listed the USD rate at 24,730-25,070 VND/USD (buying-selling), a decrease of 110 VND in the buying direction and a decrease of 100 VND in the selling direction compared to the previous week.
Since the beginning of August, the VND/USD exchange rate in banks has been on a downward trend. Compared to the beginning of August, the USD rate at many banks has decreased by nearly 400 VND.
In contrast to the bank channel, in the free market, the USD rate today remained stable.
Foreign currency exchange points in the free market this morning traded USD at a common rate of 25,200-25,300 VND/USD (buying-selling), unchanged from the previous session.
The buying rate of USD in the free market is currently about 500 VND higher, and the selling rate is more than 200 VND higher than in banks.
In the global market, the USD is tending to decline. The US Dollar Index has dropped to 100 points.
At 10:50 am on August 26 (Vietnam time), the US Dollar Index stood at 100.7 points, down 0.02% from the previous session.
The US dollar weakened after the Chairman of the US Federal Reserve (Fed) Jerome Powell gave a more specific signal about the upcoming interest rate cut.
Hanh Nguyen
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