DNVN - On October 20, 2024, the central exchange rate of the Vietnamese Dong against the USD recorded an increase of 38 VND during the week, currently at 24,213 VND. The DXY index, which measures the fluctuations of the greenback against 6 major currencies (EUR, JPY, GBP, CAD, SEK, CHF), is at 103.49 points.
USD exchange rate on the world market
The DXY index closed at 103.49 points, up 0.03 points compared to the trading session on October 19, 2024.
Despite a slight pullback at the end of the week after five consecutive days of gains, the US dollar still recorded gains thanks to increased investor "risk appetite" after China introduced a series of economic stimulus measures, increasing the value of global stocks.
Investors have welcomed the Chinese government’s rollout of two funding programs to support its stock market, which has helped the yuan appreciate and also boosted commodity currencies like the AUD and CAD, putting pressure on the USD.
Still, the DXY index rose 0.6% for the week and posted a 2.7% gain for October, marking its biggest gain since February 2023. The past week has been a volatile one for the US dollar, as it hit an 11-week high before adjusting slightly due to international economic factors and expectations for the Fed's monetary policy. With the expectation that the Fed will only cut interest rates cautiously, the greenback could still maintain its strength in the near future.
During the week, other currencies such as EUR, GBP, JPY and AUD also recorded many fluctuations. The EUR continuously fell, especially after the European Central Bank (ECB) decided to cut interest rates for the third time in 2024. On October 18, EUR fell to an 11-week low, closing at 1.0826 USD. GBP also weakened, falling below 1.30 USD on October 17, for the first time since August, due to lower-than-expected inflation data, increasing expectations that the Bank of England (BoE) will soon cut interest rates.
The JPY came under pressure as USD/JPY hit 150 yen for the first time since August, reflecting the widening monetary policy gap between the US and Japan. While the JPY recovered slightly at the end of the week, it remained under pressure from the strength of the USD. The AUD was also volatile, falling 0.4% mid-week but has since recovered as China’s stimulus measures have pushed the AUD higher as investors seek riskier assets.
Domestic USD exchange rate
In today's trading session, the State Bank announced the central exchange rate of the Vietnamese Dong to the USD increased by 14 VND, currently at 24,213 VND.
The exchange rate allowed for trading at commercial banks currently fluctuates from 23,400 to 25,450 VND/USD. The State Bank of Vietnam also brought the USD buying and selling rate to a range of 23,400 to 25,450 VND/USD.
At Vietcombank, the buying and selling rates for USD currently fluctuate between 24,950 and 25,340 VND. The USD price on the banking market fluctuates between 24,000 and 25,500 VND/USD.
The EUR exchange rate at the State Bank of Vietnam recorded a slight decrease, currently at 24,913 VND - 27,535 VND.
The Japanese yen exchange rate also decreased slightly, listed at 153 VND - 170 VND at the State Bank of Vietnam.
Lan Le (t/h)
Source: https://doanhnghiepvn.vn/kinh-te/gia-ngoai-te-ngay-20-10-2024-ty-gia-usd-lieu-co-tiep-tuc-tang/20241020091554120
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