In the international market, the DXY index fell by 0.32 points over the week, reaching 100.42 – the lowest level in over a year for the index.
The decline in the USD exchange rate shows no signs of abating as the Personal Consumption Expenditure (PCE) index continued to rise weaker than expected in August 2024 – increasing by just 2.2% year-over-year.
The inflation index continues to show signs of cooling, further reinforcing the belief that the Federal Reserve will maintain its loose monetary policy to focus on supporting the labor market. Continuing to cut interest rates will reduce the attractiveness of holding the US dollar.
Source: SBV
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Domestically, the Vietnamese dong-to-USD central exchange rate decreased by 30 VND/USD compared to the previous week (September 20th), reaching 24,118 VND/USD in the September 27th, 2024 session. This marks the seventh consecutive week of declines for the USD/VND central rate, totaling a decrease of 142 VND/USD.
The State Bank of Vietnam (SBV) has maintained the immediate purchase price unchanged at 23,400 VND/USD. Notably, after nearly five months of keeping the immediate selling price fixed at 25,450 VND/USD, the regulator switched to adjusting the immediate selling price according to the central rate movement from August 30th. On September 27th, the immediate selling price stood at 25,273 VND/USD, down 32 VND/USD from the previous week.
Source: VCB
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In contrast, Vietcombank’s quoted rate was at 24,390-24,760 VND/USD (buy-sell), an increase of 20 VND/USD in both directions – the second consecutive week of USD bank rate increases.
 Source: VietstockFinance
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Notably, the USD/VND exchange rate in the free market surged by 130 VND/USD in both directions compared to the previous week, reaching 25,030-25,130 VND/USD (buy-sell).
