After several sessions of decline, the USD price on the free market has reversed and increased sharply.

This morning, foreign exchange points traded USD at a common price of 25,110-25,210 VND/USD (buy - sell), an increase of 160 VND in both buying and selling compared to the previous session.

Following the same trend, on the official market, the USD/VND exchange rate on October 4 was also adjusted to increase sharply.

The State Bank announced the central exchange rate between the Vietnamese Dong and the USD today at 24,133 VND per USD, an increase of 18 VND compared to yesterday.

With a margin of 5%, commercial banks are allowed to trade USD today with a ceiling rate of 25,340 VND/USD and a floor rate of 22,926 VND/USD.

The reference USD selling rate was increased by 19 VND by the State Bank of Vietnam, bringing the reference USD buying and selling range to 23,400-25,289 VND/USD.

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Domestic USD price increases rapidly. Photo: Nam Khanh

Commercial banks also increased the USD price sharply. Some banks increased by nearly 100 VND, bringing the selling price to nearly 25,000 VND/USD.

Early this morning, Vietcombank raised the USD cash buying price to 24,560 VND/USD and the selling price to 24,930 VND/USD, an increase of 70 VND in both buying and selling prices compared to early yesterday morning.

Similarly, BIDV also increased by 95 VND in both buying and selling prices, bringing the USD buying and selling prices to 24,595-24,935 VND/USD. VietinBank raised the USD price to 24,573-24,913 VND/USD, up 93 VND in both prices compared to early this morning.

In the private banking sector, Techcombank raised the buying price of USD cash to 24,555 VND/USD, selling price to 24,947 VND/USD, an increase of 47 VND in buying price and 43 VND more expensive in selling price.

Sacombank also raised the USD price to 24,560-24,900 VND/USD (buy - sell), up 50 VND for buying and 30 VND more expensive for selling.

Notably, Eximbank raised the buying and selling prices of USD cash to 24,580-24,990 VND/USD, an increase of 80 VND for buying and 70 VND for selling.

Compared to the free market, the USD buying price at commercial banks is over 500 VND lower, while the USD selling price is nearly 300 VND lower.

In the world market, the USD price slowed down after rising to a 6-week high yesterday.

Safe-haven demand on concerns about rising tensions in the Middle East boosted the greenback. The dollar also benefited from dovish expectations from central banks for other currencies, including the euro, pound and yen.

The US Dollar Index (a measure of the greenback's strength against other major currencies) at 10:38 a.m. on October 4 (Vietnam time) was at 101.93 points, down 0.06% from the previous session.

USD bank prices increase rapidly, free USD continues to decrease sharply . USD bank prices today increased rapidly, some banks are 100 VND more expensive. Meanwhile, free USD prices continue to decrease sharply since the beginning of the week.