Bank USD price drops sharply

The price of USD in banks has dropped sharply following the weakening of the greenback in the world market. Many banks have reduced the price of USD by more than 100 VND.

The central exchange rate between the Vietnamese Dong and the USD announced by the State Bank today (September 20) is 24,148 VND per USD, down 19 VND compared to yesterday's listed rate.

Applying a 5% margin, commercial banks on September 20 were allowed to trade USD at a floor rate of 22,941 VND/USD, and a ceiling rate of 25,355 VND/USD.

The reference USD buying rate is still maintained by the State Bank of Vietnam at 23,400 VND/USD. Meanwhile, the USD selling rate has been adjusted down 20 VND compared to yesterday, down to 25,305 VND/USD.

At commercial banks, the USD/VND exchange rate today also decreased sharply.

USD bank prices drop sharply. Photo: Hoang Ha

This morning, Vietcombank listed the USD cash buying price at 24,370 VND/USD, selling price at 24,740 VND/USD, down 80 VND in both buying and selling prices compared to early yesterday morning (September 19).

Similarly, USD prices at other banks also dropped rapidly, many banks decreased by more than 100 VND compared to yesterday morning.

This morning, BIDV lowered the USD price to 24,385-24,725 VND/USD (buy - sell), down 75 VND for buying and down 95 VND for selling compared to yesterday morning.

VietinBank also lowered the USD buying and selling prices to 24,388-24,728 VND/USD, down 67 VND in both directions.

Meanwhile, Techcombank lowered the buying price of USD cash to 24,340 VND/USD, and the selling price to 24,731 VND/USD, down 121 VND for buying and 123 VND for selling.

Sacombank lowered the USD price to 24,360-24,720 VND/USD (buy - sell), down 130 VND on the buying side and 110 VND cheaper on the selling side.

Meanwhile, the USD price on the free market fluctuated little. The USD price bought by foreign exchange points was commonly 24,965 VND/USD, the selling price was 25,065 VND/USD.

The gap between the USD price on the free market and the bank channel has widened. The USD buying price on the free market is currently about 600 VND higher while the USD selling price is over 300 VND more expensive than the USD price at banks.

USD/VND exchange rate decreased sharply following the developments of USD price The greenback fell after the US Federal Reserve (Fed) decided to cut interest rates. This move by the Fed opened up expectations of 1-2 more interest rate cuts this year.

The US Dollar Index (a measure of the greenback's strength against other major currencies) at 11:12 a.m. on September 20 (Vietnam time) was at 100.55 points, down 0.06% from the previous session.

Source