The free USD price today from foreign currency collection points is around 25,320 VND/USD for buying, and 25,550 VND/USD for selling. Compared to yesterday, the free USD price today has decreased by 160 VND on the buying side and 50 VND on the selling side.
The free USD price yesterday also decreased by 20 VND on the buying side and 100 VND on the selling side.
From yesterday to today, the free USD price has decreased by 180 VND on the buying side and 150 VND on the selling side.
From the previous week to March 11th, the USD price on the free market increased significantly and continuously set a new historical high.
By March 11th, the USD/VND exchange rate on the free market reached a new record high: 25,500-25,700 VND/USD (buying – selling). The selling price of USD on the free market on March 11th increased by 1,000 VND compared to the end of 2022.
The free USD price before the March 12th session increased rapidly while the USD price at banks remained stable. This caused a large difference in the USD price between the free market and banks. At times, this difference reached over 1,000 VND.
The hoarding of foreign currency is believed to be the reason for the large difference in the USD price on the free market compared to banks.
On March 11th, the State Bank of Vietnam (SBV) responded to exchange rate fluctuations on the free market by resuming the issuance of discounted bills after 4 months of suspension.
 The USD price at banks is increasing. Photo: Hoang Ha |
After 2 sessions (March 11th-12th), SBV withdrew nearly 30,000 billion VND from the banking system through the bill channel with a term of 28 days, and a winning interest rate of 1.4% per year.
According to analysts, this move aims to cool down the overheating trend of the VND/USD exchange rate. The issuance of bills and the reduction of liquidity in the market increase VND interest rates and reduce short-term USD speculation pressure.
In fact, immediately after SBV’s move to withdraw money through the bill channel, the free USD price sharply decreased in the recent two sessions.
Meanwhile, the USD/VND exchange rate at commercial banks increased today.
At the end of the day, Vietcombank listed the USD price at 24,450-24,820 VND/USD (buying – selling), an increase of 20 VND compared to yesterday (March 12th).
Vietinbank traded USD at a price of 24,436 VND/USD (buying) and 24,856 VND/USD (selling), an increase of 43 VND compared to noon on March 12th.
Similarly, Techcombank traded USD at a price of 24,508-24,852 VND/USD at the end of today’s session, an increase of 42 VND.
Sacombank listed the USD price at 24,478-24,943 VND/USD (buying – selling) at the end of the session, an increase of 43 VND compared to noon yesterday.
Compared to the free market, the buying price of USD at banks is currently about 800-900 VND lower, while the selling price is about 600-700 VND lower.
The central exchange rate on March 13th was raised to 23,957 VND, an increase of 2 VND compared to the previous session.
Applying a fluctuation range of 5%, commercial banks were allowed to trade with a ceiling exchange rate of 25,155 VND/USD and a floor exchange rate of 22,759 VND/USD on March 13th.
The reference selling rate set by SBV increased by 3 VND compared to yesterday, reaching 25,105 VND/USD, while the reference buying rate remains at 23,400 VND/USD.
In the world market, the USD price has increased again after news of accelerated consumer prices in the US in February.
The US Dollar Index (DXY) – measuring the fluctuation of the US dollar against a basket of 6 major currencies – at 16:42 today (March 13th, Vietnam time) was at 103.02 points, an increase of 0.06% compared to the previous session.
Hanh Nguyen
