The central exchange rate today (September 25) turned down after increasing by 20 VND in the previous session.

The State Bank announced the central exchange rate between the Vietnamese Dong and the USD today at 24,134 VND per USD, down 12 VND compared to yesterday's listed rate.

With a margin of 5%, commercial banks are allowed to trade USD today with a floor rate of 22,927 VND/USD, and a ceiling rate of 25,341 VND/USD.

The reference USD buying rate is still maintained by the State Bank of Vietnam at 23,400 VND/USD. The USD selling rate has been adjusted down 13 VND compared to the previous session, down to 25,290 VND/USD.

At commercial banks, the USD/VND exchange rate was also adjusted down sharply, with some banks lowering it by more than 100 VND compared to yesterday morning (September 24).

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USD bank prices plummet. Photo: Hoang Ha

Early this afternoon, Vietcombank listed the USD buying and selling price in cash at 24,350-24,720 VND/USD, down 90 VND in both buying and selling compared to early yesterday morning.

Similarly, compared to early this morning, BIDV also decreased by 90 VND in both buying and selling prices, bringing the USD buying and selling prices to 24,380-24,720 VND/USD; VietinBank also lowered the USD price to 24,390-24,730 VND/USD, down 100 VND in both directions.

In the private banking sector, compared to early this morning, Techcombank brought the buying price of USD in cash to 24,363 VND/USD, selling price to 24,757 VND/USD, down 85 VND for buying and 127 VND for selling.

Sacombank also lowered the USD price to 24,390-24,750 VND/USD (buy - sell), down 80 VND for buying and 60 VND cheaper for selling.

Eximbank lowered the buying and selling price of USD cash to 24,350-24,770 VND/USD, down 100 VND for buying and down 90 VND for selling.

Meanwhile, the USD price in the free market was adjusted up slightly. The USD price at foreign exchange points was commonly traded at 24,990-25,080 VND/USD (buy - sell), up 20 VND for buying and 10 VND for selling compared to the previous session.

The gap between the USD price on the free market and the bank channel has widened again. The USD buying price on the free market is currently over VND600 higher while the USD selling price is nearly VND400 higher than the USD price at banks.

In the world market, the USD price is still in a downward trend. The US Dollar Index (a measure of the strength of the greenback compared to other major currencies) at 13:47 on September 25 (Vietnam time) was at 100.33 points, down 0.13% compared to the previous session.

The greenback has been sold off by many investors after the US Federal Reserve (Fed) officially cut interest rates last week. The Fed also signaled that there will be 1-2 more interest rate cuts this year.

Bank USD prices have dropped sharply. Bank USD prices have dropped sharply following the weakening of the greenback on the world market. Many banks have lowered the USD price by more than 100 VND.