The central exchange rate of the Vietnamese Dong to the USD announced by the State Bank today is 24,251 VND, down 10 VND compared to yesterday.

With a margin of 5%, commercial banks today are allowed to trade at a ceiling rate of VND25,464/USD and a floor rate of VND23,038/USD.

The reference USD buying and selling exchange rate is still maintained stable by the State Bank of Vietnam at the price range of 23,400-25,450 VND/USD.

At commercial banks, the USD/VND exchange rate today was adjusted down deeply, with some banks reducing it by up to 130 VND.

Surveyed at 10:00 a.m. on August 20, Vietcombank listed the USD cash buying price at 24,710 VND/USD, selling price at 25,080 VND/USD (buying - selling), down 130 VND in both buying and selling compared to early yesterday morning (August 19).

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USD bank prices drop sharply. Photo: Nam Khanh

At the same time, the USD price at VietinBank dropped sharply by 106 VND in both directions compared to early this morning, listed at 24,742-25,082 VND/USD (buy - sell).

In the private joint stock commercial banking sector, the USD price also fell sharply.

This morning, Techcombank bought USD cash at 24,728 VND/USD and sold at 25,119 VND/USD, down 95 VND in buying and down 97 VND in selling compared to early morning of August 19.

Sacombank listed the USD price at 24,760-25,100 VND/USD (buy - sell), down 110 VND in both buying and selling compared to yesterday morning.

Since the beginning of August, the VND/USD exchange rate at banks has tended to decrease and is trading far from the ceiling price as regulated by the State Bank.

Compared to early August, the USD price at many banks has decreased by nearly 400 VND. The selling price of USD is now close to 25,000 VND/USD.

Meanwhile, the USD price on the free market today fluctuated little.

Foreign exchange points on the free market are trading USD at a common price of 25,250-25,400 VND/USD (buy - sell), unchanged from the previous session.

Compared to the banking channel, the USD buying price in the free market is about 500 VND higher and the USD selling price is about 300 VND higher.

In the world market, the USD price tends to recover after falling to a 7-month low.

The US dollar plunged as the US Federal Reserve (Fed) is expected to start cutting interest rates in September and may cut interest rates twice this year.

Investors are focused on Fed Chairman Jerome Powell’s speech at the Jackson Hole symposium on August 23. Investors are waiting to see if Powell hints at a possible rate cut at the upcoming meeting.

At 10:47 a.m. on August 20 (Vietnam time), the US Dollar Index was at 101.95 points, up 0.07% compared to the previous session.

The free USD price plummeted, 'evaporating' 640 VND compared to the peak price . The USD price in the free market today rapidly decreased following the slide of the international greenback, down 140 VND compared to the previous session and 640 VND cheaper than the peak price.