The central exchange rate today (September 25th) decreased after a 20-dong increase in the previous session.
The State Bank of Vietnam set the middle rate between the Vietnamese dong and US dollar at 24,134 VND per dollar, a decrease of 12 VND from the previous day’s listing.
With a 5% margin, commercial banks are allowed to trade USD within a range of 22,927 VND/USD to 25,341 VND/USD during the day.
The reference USD buying rate remains at 23,400 VND/USD at the State Bank of Vietnam’s Trading Centre. Meanwhile, the selling rate was adjusted down by 13 VND from the previous session to 25,290 VND/USD.
At commercial banks, USD/VND rates were also significantly adjusted downwards, with some banks lowering rates by more than 100 VND compared to the previous day (September 24th).Â
 USD bank rates plunge. Photo: Hoang Ha |
In the early afternoon, Vietcombank listed USD buying and selling rates for cash at 24,350-24,720 VND/USD, a decrease of 90 VND from the previous morning in both buying and selling rates.
Similarly, compared to the previous morning, BIDV also decreased rates by 90 VND in both buying and selling, resulting in rates of 24,380-24,720 VND/USD; VietinBank also lowered USD rates to 24,390-24,730 VND/USD, a decrease of 100 VND in both directions.
In the private banking sector, compared to the previous morning, Techcombank set the buying rate for USD cash at 24,363 VND/USD and the selling rate at 24,757 VND/USD, a decrease of 85 VND and 127 VND, respectively.
Sacombank also lowered USD rates to 24,390-24,750 VND/USD (buy-sell), a decrease of 80 VND in buying and 60 VND in selling.
Eximbank reduced its USD buying and selling rates for cash to 24,350-24,770 VND/USD, a decrease of 100 VND and 90 VND, respectively.
Meanwhile, USD rates in the free market were slightly increased. USD rates at foreign exchange points were traded at around 24,990-25,080 VND/USD (buy-sell), an increase of 20 VND and 10 VND, respectively, compared to the previous session.
The gap between USD rates in the free market and commercial banks widened. The buying rate for USD in the free market is currently more than 600 VND higher, while the selling rate is nearly 400 VND higher than USD rates at banks.
In the global market, USD rates continue to decline. The US Dollar Index, which measures the strength of the greenback against other major currencies, stood at 100.33 points at 13:47 on September 25 (Vietnam time), down 0.13% from the previous session.
The US dollar has been sold off by many investors after the US Federal Reserve (Fed) officially cut interest rates last week. The Fed also signaled that there could be one or two more rate cuts by the end of this year.
Hanh Nguyen
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