The State Bank announced the central exchange rate between the Vietnamese Dong and the USD today (October 23) as 24,250 VND/USD, an increase of 10 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 23,038 VND/USD, and a ceiling rate of 25,462 VND/USD.

The reference USD selling rate at the State Bank of Vietnam increased by 10 VND to 25,412 VND/USD while the reference USD buying rate remained at 23,400 VND/USD.

At commercial banks, the VND/USD exchange rate continues to be adjusted upward.

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USD bank price hits ceiling. Photo: Hoang Minh

The selling price of USD at all banks today increased by 10 VND, reaching the maximum allowed level of 25,462 VND/USD. This is the second consecutive session that the selling price of USD at banks has increased to the maximum level.

Meanwhile, the USD buying price continued to increase sharply. Some banks raised the USD buying price by more than 200 VND compared to early this morning (October 22).

Specifically, this morning, Vietcombank raised the USD cash buying price to 25,190 VND/USD, an increase of 135 VND compared to early yesterday morning.

Similarly, compared to the beginning of yesterday's session, BIDV increased the USD buying price by 140 VND, to 25,225 VND/USD. VietinBank also raised the USD buying price to 25,220 VND/USD, an increase of 250 VND.

In the private banking sector, compared to yesterday's opening price, Sacombank raised the USD buying price to 25,230 VND/USD, an increase of 60 VND. Eximbank also increased the USD buying price by 30 VND, bringing the price to 25,170 VND/USD.

Since the beginning of October, the USD price at banks has increased rapidly. After many consecutive sessions of increase, the USD price at Vietcombank has increased by 830 VND for buying and 730 VND more expensive for selling compared to the first session of the month.

Compared to the beginning of the year, each USD at commercial banks has increased by more than 1,000 VND.

Currently, the USD price at the bank channel is almost equal to the USD price on the free market.

This morning, foreign exchange points traded USD at around 25,520-25,620 VND (buy - sell), up 60 VND in both buying and selling directions compared to the previous session.

In the world market, the USD price has reached its highest level in the past two and a half months. The greenback price increased due to the market's continued expectation that the US Federal Reserve (Fed) will adjust its monetary easing roadmap and the possibility of Donald Trump's election is increasingly bright.

The US Dollar Index at 11:19 a.m. on October 23 (Vietnam time) reached 104.16 points, up 0.08% compared to the previous session.