The central exchange rate between the Vietnamese Dong and the USD today (October 2) turned up after decreasing by 25 VND in the previous session.

The State Bank announced today's central exchange rate at 24,094 VND per USD, up 13 VND compared to yesterday's listed rate.

Applying a 5% margin, commercial banks are allowed to trade USD today in the range of 22,889-25,299 VND/USD.

The reference USD buying rate is still maintained by the State Bank of Vietnam at 23,400 VND/USD. Meanwhile, the USD selling rate has been adjusted up 13 VND compared to the previous session, to 25,248 VND/USD.

Following the same trend, the USD/VND exchange rate at commercial banks today was adjusted to increase rapidly, with some banks increasing by more than 100 VND compared to yesterday morning.

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USD prices at commercial banks increased sharply. Photo: Nam Khanh

Early this afternoon, Vietcombank listed the USD buying and selling price in cash at 24,470-24,840 VND/USD, an increase of 110 VND in both buying and selling compared to early yesterday morning.

Similarly, compared to early this morning, BIDV also increased by 95 VND in both buying and selling prices, bringing the USD buying and selling prices to 24,505-24,845 VND/USD. VietinBank also raised the USD price to 24,493-24,833 VND/USD, an increase of 85 VND in both directions.

In the private banking sector, Techcombank raised the buying price of USD cash to 24,476 VND/USD, selling price to 24,869 VND/USD, an increase of 91 VND in buying price and 93 VND more expensive in selling price.

Sacombank also raised the USD price to 24,480-24,830 VND/USD (buy - sell), an increase of 80 VND in the buying price and 70 VND more expensive in the selling price.

Eximbank raised the buying and selling price of USD cash to 24,480-24,900 VND/USD, an increase of 100 VND for buying and 60 VND for selling.

Meanwhile, the USD price in the free market continued to decline since the beginning of the week. The USD price at foreign exchange points was commonly traded at 25,040-25,100 VND/USD (buy - sell), down 60 VND for buying and down 100 VND for selling compared to the previous session.

Since the beginning of the week, the free USD price has decreased by 190 VND in buying and 230 VND in selling.

The gap between the USD price on the free market and the bank channel has narrowed. The USD buying price on the free market is currently about 500 VND higher, while the USD selling price is more than 200 VND higher than the USD price at banks.

In the world market, the USD price tends to recover. The US Dollar Index (a measure of the strength of the greenback compared to other major currencies) at 15:23 on October 2 (Vietnam time) was at 101.22 points, up 0.02% compared to the previous session.

The US dollar rose amid Iran's missile launch towards Israel and data showing a strong recovery in the US labor market.