The State Bank announced the central exchange rate between the Vietnamese Dong and the USD on September 5 at 24,222 VND, down 7 VND compared to yesterday.

With a 5% amplitude, the USD exchange rate that commercial banks are allowed to trade today is in the range of 23,011-25,433 VND/USD.

The State Bank of Vietnam's reference USD buying rate is still kept at 23,400 VND/USD, but the USD selling rate has decreased to 25,383 VND/USD.

At commercial banks, the USD/VND exchange rate has dropped rapidly, by more than 100 VND compared to yesterday morning. The USD selling price at all banks has "broken" the 25,000 VND/USD mark.

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USD bank prices drop sharply. Photo: Hoang Ha

Late this afternoon (September 5), Vietcombank listed the USD cash buying price at 24,550 VND/USD, and the selling price at 24,920 VND/USD, down 130 VND in both buying and selling compared to yesterday morning (September 4).

Similarly, VietinBank lowered the USD price to 24,571-24,911 VND/USD (buy - sell), down 109 VND in both directions compared to yesterday morning.

Along with the trend, USD prices in private joint stock commercial banks also decreased rapidly.

At the end of the session, Techcombank bought cash at 24,546 VND/USD and sold at 24,942 VND/USD, down 142 VND in buying and down 152 VND in selling compared to the morning of September 4.

ACB buys cash at 24,540 VND/USD, and sells USD at 24,900 VND/USD, down 140 VND in both buying and selling compared to yesterday morning.

Meanwhile, Sacombank buys and sells USD at 24,580-24,910 VND/USD, down 130 VND for buying and 140 VND for selling compared to the morning of September 4.

In the free market, today, foreign exchange points traded USD at a common price of 25,215-25,295 VND/USD (buy - sell), down 25 VND in both buying and selling compared to the previous session.

The gap between USD prices on the free market and at commercial banks has widened. The USD buying price on the free market is nearly 700 VND higher, while the USD selling price is nearly 400 VND higher than at banks.

In the world market, the USD price decreased slightly after the US employment data in July weakened, increasing the odds of the US Federal Reserve (Fed) cutting interest rates more.

The USD Index (a measure of the greenback's strength against other major currencies) recorded at 17:01 on September 5 (Vietnam time) at 101.19 points, down 0.17% compared to the previous session.