On the morning of April 21, the USD price at commercial banks recorded a week of high increase. Specifically, Vietcombank bought 25,130 VND in cash, bought 25,163 VND by transfer and sold 25,473 VND. Compared to the end of last week, the USD price at Vietcombank increased by 320 VND in buying and increased by 293 VND in selling. Similarly, Eximbank also increased by 340 VND in buying, to 25,200 VND and increased by 302 VND in selling, to 25,472 VND...
In the last trading session of the week (April 19), the State Bank announced the central exchange rate between VND and USD at 24,260 VND, an increase of 164 VND compared to the beginning of the week. This is the highest price of the central exchange rate ever. With the +/-5% amplitude currently applied, the exchange rate applied by banks is at a floor price of 23,047 VND and a ceiling price of 25,473 VND. Thus, the USD price at commercial banks is at a historical peak and also reaches the ceiling price according to regulations.
USD price in banks continuously increases
Similarly, this week, the Japanese yen also increased again when Vietcombank bought at 160.5 VND and sold at 169.87 VND, 2.4 VND higher; the euro price increased from 306 - 321 VND when it was bought at 26,307 VND and sold at 27,749 VND...
At the press conference on banking activities in the first quarter of 2024, the State Bank leader said that the increase in exchange rate was due to expectations that the US Federal Reserve (Fed) would soon lower interest rates in 2024, but this has not yet been realized; US inflation remains high, employment figures are positive, and the market is constantly adjusting. Vietnam's exchange rate management perspective is very flexible, although it continues to stabilize the exchange rate for the economy, it is not fixed, but on the contrary, it fluctuates to suit the situation and avoid strong impacts from the world...
The world USD price increased sharply during the week. The USD-Index surpassed the threshold of 106 points and maintained it continuously, only slightly decreasing in the last session of the week to 105.96 points, up 0.14 points. According to analysts, expectations for the Fed to cut interest rates have decreased sharply. The market even believes that the Fed will only cut interest rates once or twice this year, and some investors even see the possibility that the US central bank will "sit still" for the whole year. High interest rates will support the USD to rise...
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