Bank USD price increased sharply

Each bank dollar increased by nearly 200 VND during the day, close to the dollar price on the free market.

On the morning of October 17, the State Bank announced the central exchange rate of 24,199 VND, an increase of 12 VND compared to yesterday. With a 5% margin compared to the central exchange rate, commercial banks are allowed to buy and sell USD in the range of 22,989 - 25,409 VND.

Today, commercial banks strongly adjusted the USD price list by nearly 200 VND compared to yesterday.

Vietcombank listed the USD buying and selling rate at 24,960 - 25,350 VND, a sharp increase of 180 VND in both directions. At BIDV, the USD price also increased to 24,980 - 25,340 VND. Eximbank raised the exchange rate to 24,980 - 25,350 VND, Techcombank listed 24,997 - 25,395 VND.

Previously, the bank exchange rate had also gone up for many consecutive sessions. Over the past week, each USD at the bank increased by about 350 VND, equivalent to about 1.4%. Compared to the beginning of the year, the bank exchange rate is currently about 3.8% higher and trading quite close to the black market. This afternoon, USD price Some foreign currency exchange points have fixed the rate around 25,250 - 25,350 VND.

In the international market, the USD Index measuring the strength of the greenback also increased about 3% since the beginning of the month, to 103.55 points.

ACB Securities Company (ACBS) commented that, although benefiting from the US Federal Reserve’s (Fed) interest rate cut decision, the State Bank also simultaneously implemented two interest rate cuts in the open market (OMO) to maintain low interest rates and support economic growth. Therefore, the interest rate gap between VND and USD continues to be negative, although the negative level is not large.

According to ACBS, this situation will continue to last at least until the first half of 2025. Therefore, exchange rate pressure has decreased, but can still easily flare up at times when payment demand increases, especially at the end of the year.

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