On the interbank market, the exchange rate closed at 24,630 VND/USD on September 17, a significant increase of 80 VND from the previous day’s rate.
There has been a sharp rise in USD rates at domestic banks as well. As of this morning (September 18), USD rates had climbed by 80-120 VND/USD compared to the same time yesterday.
Specifically, Vietcombank, the largest foreign currency trader in the system, has set its rates at 24,470 – 24,840 VND/USD, an increase of 120 VND for both buying and selling. VietinBank and BIDV have raised their rates by 100 – 120 VND, while major private banks like MB, ACB, and Techcombank have made adjustments ranging from 80 to 100 VND.
In the unofficial market, USD rates are currently at 24,800 VND/USD for buying and 24,900 VND/USD for selling. This reflects an increase of about 50 VND from yesterday’s rates.
The State Bank of Vietnam has announced a central exchange rate of 24,151 VND/USD for September 18, an increase of 10 VND from the previous day. The central rate was also raised by 4 VND during the trading session on September 17.
With a 5% margin, the allowable trading range for USD at commercial banks is from 22,943 to 25,359 VND/USD.
The State Bank of Vietnam has increased the selling rate by 10 VND to 25,308 VND/USD, which is still about 50 VND higher than the ceiling rate. Meanwhile, the buying rate remains unchanged at 23,400 VND/USD.
The sudden surge in USD/VND rates comes as global financial markets eagerly await the Federal Reserve’s policy decision on September 18. The central bank is expected to cut interest rates for the first time in over four years.
According to CME Group’s FedWatch tool, as of September 18 (Vietnam time), there is a 63% chance of a 0.5 percentage point cut, slightly down from the previous day. The likelihood of a 0.25 percentage point reduction is 37%.
Last week, traders anticipated a 0.25 percentage point cut by the US central bank. However, the situation has changed significantly in recent days following media reports and comments from former New York Fed President William Dudley.
In an article published on Bloomberg Opinion, Dudley suggested that Fed officials should take a more aggressive approach and cut rates by 0.5 percentage points.
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