The State Bank announced the central exchange rate of the Vietnamese Dong against the USD on September 12 at 24,187 VND per USD, down 25 VND compared to yesterday's session.

Applying a 5% margin, commercial banks are allowed to trade USD exchange rates today with a ceiling rate of 25,396 VND/USD and a floor rate of 22,978 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 decreased by 26 VND compared to yesterday, down to 25,346 VND/USD.

At commercial banks, the USD/VND exchange rate was adjusted down sharply. Many banks lowered the USD price by more than 100 VND compared to yesterday morning (September 11).

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USD bank prices drop sharply. Photo: Hoang Ha

At 11:07 a.m. on September 12, Vietcombank listed the USD cash buying price at 24,380 VND/USD and the selling price at 24,750 VND/USD, down 85 VND in both buying and selling compared to early this morning.

VietinBank also lowered the USD buying and selling prices to 24,365-24,705 VND/USD, down 115 VND in both directions compared to yesterday morning.

Another state-owned bank, BIDV, also reduced the greenback's price by 100 VND per USD in both buying and selling compared to yesterday morning, listing it at 24,400-24,740 VND/USD (buying - selling).

In the private banking sector, banks simultaneously reduced their prices sharply against the greenback.

ACB lowered the buying price of USD cash to 24,340 VND/USD and the selling price to 24,700 VND/USD, down 130 VND in both buying and selling compared to early this morning.

Similarly, Techcombank lowered the buying price of USD cash to 24,350 VND/USD and the selling price to 24,744 VND/USD, down 98 VND in buying and down 110 VND in selling compared to early this morning.

Sacombank listed the USD price at 24,400-24,750 VND/USD (buy - sell), down 100 VND for buying and 110 VND cheaper for selling compared to the morning of September 11.

Meanwhile, in the free market, the USD price remains high.

The USD price at foreign currency exchange points on the free market is currently trading at a common level of 25,140-25,240 VND/USD (buy - sell).

The gap between USD prices in the free market and banks is growing. Compared to banks, the USD buying price in the free market is nearly 800 VND higher, and the USD selling price is about 500 VND higher.

In the world market, the USD price tends to increase again after the US announced the inflation index.

The US consumer price index (CPI) rose 0.2% in August, matching the increase in July. This significantly reduced the possibility of a rate cut by the US Federal Reserve (Fed) next week.

The US Dollar Index (a measure of the greenback's strength against other major currencies) at 11:52 a.m. on September 12 (Vietnam time) reached 101.77 points, up 0.08% from the previous session.

USD prices at banks and free USD prices turned to increase sharply. Domestic USD prices increased again after many days of cooling down. USD prices at banks increased rapidly, some banks increased by more than 100 VND. Free USD prices also increased by 110 VND in the selling price.