The central exchange rate between the Vietnamese Dong and the USD announced by the State Bank on October 17 was 24,199 VND/USD, an increase of 12 VND compared to yesterday.

With a margin of 5%, commercial banks are allowed to trade the VND/USD exchange rate today within the range of 22,989-25,409 VND/USD.

The reference USD buying rate is still maintained by the State Bank of Vietnam at 23,400 VND/USD. However, the reference USD selling rate increased by 12 VND, to 25,358 VND/USD.

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USD bank prices increase. Photo: Nam Khanh

USD prices at commercial banks continued to be adjusted upward following a strong increase from yesterday.

Many banks increased by nearly 200 VND compared to early this morning (October 16), pushing the selling price above 25,300 VND/USD.

At 10:56 a.m., Vietcombank listed the USD cash buying price at 24,910 VND/USD and the selling price at 25,300 VND/USD, an increase of 180 VND in both buying and selling prices compared to early this morning (October 16).

Similarly, compared to early this morning, BIDV also increased by 100 VND in both directions, bringing the USD buying and selling prices to 24,885-25,245 VND/USD; VietinBank raised the USD price to 24,940-25,297 VND/USD (buying and selling), an increase of 152 VND in the buying direction and 149 VND more expensive in the selling direction.

Not only at state-owned commercial banks, but the USD price at private banks has also been adjusted to increase sharply.

Compared to early this morning, Techcombank increased by 171 VND in buying and 158 VND in selling, listing the USD cash buying price at 24,939 VND/USD, the selling price at 25,322 VND/USD.

Sacombank raised the USD price to 24,910-25,270 VND/USD (buy - sell), an increase of 130 VND in both buying and selling.

Eximbank increased the buying and selling price of USD cash to 24,920-25,330 VND/USD, an increase of 150 VND in both directions.

ACB increased the buying and selling price of USD cash to 24,930-25,300 VND/USD, an increase of 160 VND in both buying and selling.

Yesterday, the USD price at many banks was adjusted to increase sharply, many banks increased by more than 100 VND.

Since yesterday, the USD price at Vietcombank has increased by 275 VND in both buying and selling. The greenback price at many other banks has also increased similarly.

Meanwhile, the USD price on the free market fluctuated little. Foreign exchange points this morning traded USD at a common price of 25,260-25,360 VND/USD (buy - sell), unchanged from the previous session.

The gap between USD prices at banks and the free market has narrowed significantly. The USD buying price at Vietcombank is currently about VND350 lower, while the USD selling price is only VND60 lower than the free market.

In the world market, the USD price tends to cool down after rising to an 11-week high yesterday as investors rule out the possibility that the Federal Reserve (Fed) will cut interest rates aggressively at its upcoming policy meeting.

The US Dollar Index (a measure of the greenback's strength against other major currencies) at 12:32 p.m. on October 17 (Vietnam time) was at 103.57 points, down 0.02% from the previous session.