After a drop of up to 25 VND in the first trading session of the week, the central exchange rate today (September 10) rebounded strongly.
The State Bank of Vietnam set the central exchange rate of the Vietnamese Dong against the US Dollar at 24,194 VND per USD on September 10, a rise of 17 VND from the previous session.
With a fluctuation band of +/- 5%, commercial banks are allowed to trade the USD/VND exchange rate within the range of 22,984 – 25,404 VND/USD.
The reference buying rate for USD is maintained by the State Bank of Vietnam’s trading centre at 23,400 VND/USD. Meanwhile, the selling rate was reduced by 9 VND from the previous day to 25,353 VND/USD.
USD/VND exchange rate climbs. Photo: Nam Khanh |
At commercial banks, the USD/VND exchange rate also witnessed a rapid increase today.
As of 10:40 am on September 10, Vietcombank listed the buying rate for USD cash at 24,480 VND/USD and the selling rate at 24,850 VND/USD, marking a rise of 70 VND in both buying and selling rates compared to the beginning of the previous day (September 9).
USD rates at other banks also surged, with some banks increasing their selling rates by more than 100 VND compared to the previous day.
BIDV raised the buying and selling rates for USD by 80 VND, listing them at 24,510-24,850 VND/USD (buying-selling). VietinBank increased its buying and selling rates for USD to 24,508-24,848 VND/USD, a rise of 43 VND in both rates.
Similarly, Techcombank adjusted its buying and selling rates for USD cash to 24,473 VND/USD and 24,864 VND/USD, respectively, marking an increase of 35 VND and 30 VND.
Notably, Sacombank listed the buying and selling rates for USD at 24,510 VND/USD and 24,900 VND/USD, respectively, an increase of 70 VND and 120 VND, respectively, compared to September 9.
Following the trend in commercial banks, the USD exchange rate in the free market also witnessed a strong increase.
This morning, self-employed currency exchanges were trading USD in the range of 25,170 – 25,270 VND/USD (buying – selling). Compared to the previous session, the buying rate for USD in the free market increased by 90 VND, while the selling rate rose by 110 VND.
Compared to commercial banks, the buying rate for USD in the free market is nearly 700 VND higher, while the selling rate is nearly 400 VND higher.
The upward movement of the USD/VND exchange rate in Vietnam follows the trend of the US Dollar in the global market.
The US Dollar rebounded against other major currencies as the market awaits US inflation data and adjusts expectations about the Federal Reserve’s interest rate cut next week.
As of 11:19 am on September 10 (Vietnam time), the US Dollar Index (DXY), which measures the value of the US Dollar relative to a basket of foreign currencies, rose 0.09% to 101.64 points compared to the previous session.
Hanh Nguyen
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