On the morning of October 9, the USD price at Eximbank remained unchanged at 24,130 VND for buying and 24,530 VND for selling at the end of last week. Vietcombank alone reduced the price by 5 VND, bringing the buying price down to 24,175 VND and the selling price down to 24,545 VND. Meanwhile, the central exchange rate between VND and USD announced by the State Bank was 24,069 VND, down 5 VND.
The free USD buying price is 24,560 VND and selling price is 24,660 VND, an increase of 30 - 40 VND compared to last weekend. Thus, the USD price at foreign exchange points has increased continuously and surpassed that of banks.
USD price on the morning of October 9 is still high
According to an analysis report by VNDirect Securities Company, the liquidity of the banking system is very abundant, even surplus due to weaker-than-expected credit growth. This year, the exchange rate is also supported by a more abundant supply from the trade surplus. At the end of the first 9 months of 2023, Vietnam had a trade surplus of 21.68 billion USD, while in the same period last year, the trade surplus of goods was only 6.76 billion USD. At the same time, FDI and remittances remained positive, and foreign currency supply was supplemented by a number of equity sale agreements to foreign investors.
According to September trading data, the USD/VND exchange rate reached 24,390 VND on September 25, up 1.3% compared to the end of August and 3.2% compared to the beginning of the year. However, this unit expects the interbank USD/VND exchange rate to be maintained in the range of 24,300 - 24,500 VND in October before the USD supply improves at the end of the year, helping to cool down the exchange rate pressure...
The international USD price edged up slightly at the beginning of the week. The USD-Index increased by 0.09 points compared to yesterday, to 106.17 points. The greenback remained high, especially after a report from the US Department of Labor released last week showed that the US economy added 336,000 jobs in September, far exceeding the 100,000 jobs added in August. This is the strongest job growth since January 2023. Stronger-than-expected job growth is a sign that the US economy remains strong despite high interest rates.
Since March 2022, the US Federal Reserve (Fed) has raised interest rates by a total of 525 basis points, to a range of 5.25% - 5.5%, the highest interest rate in 22 years.
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