Black market USD price increases sharply

Foreign exchange points have sharply increased the USD buying price to 24,050 VND, and bank exchange rates have also reached their highest since the beginning of the year.

On the afternoon of August 28, foreign exchange points in the market increased the USD buying price by about 200 VND compared to the end of last week, to 24,050 VND per USD. The selling price also increased by nearly 100 VND to 24,150 VND. The difference between buying and selling prices narrowed to 100 VND per USD.

The USD buying price at foreign exchange points, after adjustment, is higher than that of banks.

Today, the central exchange rate announced by the State Bank is 23,960 VND per USD, up 18 VND compared to the end of last week. With a 5% margin, the USD price at commercial banks is allowed to fluctuate from 22,762 to 25,158 VND.

Based on this, banks this afternoon raised the USD buying and selling prices by 70 VND compared to early this morning. The USD bank price is currently at an 8-month high and has increased by more than 2% compared to the beginning of the year.

At Vietcombank, the buying and selling rates are listed at 23,850 - 24,220 VND, up 70 VND in both directions compared to last weekend. The USD price at Eximbank is 23,840 - 24,260 VND.

The State Bank also increased the USD selling price at the Exchange by 19 VND to 25,108 VND, keeping the buying price unchanged at 23,400 VND.

The US dollar index - a gauge of the greenback's strength - traded above 104, close to a three-month high.

Federal Reserve Chairman Jerome Powell warned on Friday that interest rates could still be raised further to curb inflation. Powell said inflation had improved but was still above the Fed's "acceptable" range. The Fed will make flexible adjustments in the coming time and has not signaled an early loosening of monetary policy. His comments caused the greenback to appreciate sharply against a basket of currencies.

Quynh Trang

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