On the morning of March 1, the USD price on the free market in Hanoi decreased slightly compared to yesterday's trading session. Specifically, the USD price is being traded at stores at 25,340 - 25,400 VND/USD, down 20 VND for buying and down 30 VND for selling.
Currently, the USD price on the free market has decreased by about 460 VND compared to the beginning of February and increased by more than 100 VND compared to the beginning of last week.
At state-owned banks, the USD/VND exchange rate at many banks after many days of strong increase has now leveled off and has not changed much compared to yesterday's trading session, but still remains at a high level.
Specifically, the USD/VND exchange rate at Vietcombank is currently at 24,450 - 24,820 VND/USD, Agribank lists the USD price at 24,460 - 24,800 VND/USD.
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At BIDV, the USD/VND exchange rate at the bank is currently 24,490 - 24,800 VND/USD, the exchange rate at VietinBank is at 24,407 - 24,827 VND/USD, up 17 VND in buying and down 13 VND in selling.
Private banks only recorded a slight increase in exchange rates compared to yesterday. At Techcombank, the USD/VND exchange rate is currently 24,473 - 24,817 VND/USD, a slight increase compared to yesterday.
ACB listed the USD price at 24,450 - 24,800 VND/USD, the USD/VND exchange rate at VPBank was 24,446 - 24,856 VND/USD, an increase of 3 VND in both buying and selling directions compared to yesterday's trading session.
The central exchange rate decreased by 1 VND to 24,002 VND/USD and has decreased by 11 VND compared to the beginning of February.
Analyzing the recent exchange rate developments, Dr. Nguyen Tri Hieu, a finance and banking expert, said that the exchange rate tends to increase in the first half of the year and then cool down at the end of the year. The USD exchange rate will continue to increase until the US Federal Reserve (Fed) announces a rate cut, at which point the USD/VND exchange rate will increase more slowly, or even decrease.
According to Mr. Hieu, in recent times, the domestic exchange rate has depended largely on changes in US monetary policy. This currency has been continuously rising in the world, at the beginning of the year the USD-Index stood at 101.38 points but has now risen above 104 points. This proves that the USD still maintains its strength when the US Federal Reserve (Fed) has not lowered interest rates as previously expected.
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