Won price remains unchanged at banks

Won exchange rate today March 31, 2024 in the domestic market

According to a survey by Cong Thuong Newspaper this morning, March 31, 2024, the Won exchange rate at banks remained the same as yesterday, March 30, 2024.

At Vietcombank, the buying and selling rates of Won Vietcombank are 15.91 VND/KRW and 19.28 VND/KRW. The buying and selling rates of Won at VietinBank are 16.23 VND/KRW and 20.23 VND/KRW.

Won exchange rate at Vietcombank today, March 31, 2024. (Screenshot at 9:00)

Compare the Korean Won (KRW) exchange rate between the 7 largest banks in Vietnam. Today, March 31, 2024, the KRW exchange rate in the buying direction has 0 banks increasing the buying price, 0 banks decreasing the buying price and 7 banks keeping the buying price unchanged compared to yesterday. Meanwhile, in the selling direction, 0 banks increasing the selling price, 0 banks decreasing the selling price and 7 banks keeping the selling price unchanged compared to yesterday.

Today, Tien Phong Bank buys Korean Won (KRW) at the highest price of 17.44 VND/KRW. The lowest price to sell Korean Won (KRW) is Tien Phong Bank at 18.97 VND per KRW.

Won exchange rate surveyed at some banks today, March 31, 2024. (Screenshot at 9:00)

Black Market Won Rate

Today, March 31, 2024, a survey on the black market at 9:00 a.m. showed that the Won exchange rate decreased to 18.67 VND/KRW for buying and 19.17 VND/KRW for selling.

Won exchange rate at today's market price on March 31, 2024. (Screenshot at 9:00)

In Hanoi, Ha Trung Street (Hoan Kiem District) is the largest foreign exchange street where many popular currencies on the market can be exchanged, such as USD (US Dollar), Euro, Yen (Japanese Yen), Won (Korean Won) ... and many other currencies. However, exchanging money at these foreign exchange streets must comply with the regulations of Vietnamese law.

Trend of Won

South Korea’s consumer confidence reversed course and fell in March amid soaring agricultural commodity prices and a slowdown in private spending. The decline in consumer spending and confidence has increased pressure on the Bank of Korea (BOK) to ease monetary policy, putting negative pressure on the Korean won.

The Korean Won exchange rate has been sluggish in the past week. Weak domestic spending and consumer confidence have put pressure on the Korean Won and the BOK's monetary policy.

The composite consumer confidence index came in at 100.7 this month, down from 101.9 the previous month, according to a survey by the Bank of Korea. South Korea's consumer confidence index is hovering near the border between optimism and pessimism.

The Bank of Korea said consumer confidence fell due to rising farm prices and sluggish domestic demand. Inflation is expected to rise this month, reversing a two-month decline.

Consumer prices are expected to rise 3.2% year-on-year this month, up from 3.0% last month.

These figures are closely watched, as their upward trend can lead businesses to raise prices and people to demand higher wages, leading to further upward pressure on prices in the future.

The country's central bank kept its key interest rate unchanged at 3.5% for the ninth straight month at its February policy meeting amid slower-than-expected inflation and high household debt.

Main causes of depreciation

The strengthening US dollar has been the cause of the slide in risk-sensitive currencies like the Korean won. Recently, the Governor of the US Federal Reserve (Fed), Christopher Waller, said that the interest rate cut may be delayed because the latest US inflation data remained high and the US economy remained strong, indicating that “high interest rates will need to be kept longer than expected”. The change in expectations of a US interest rate cut has caused the USD to strengthen and the KRW and other Asian currencies to weaken.

Gloomy Korean Economy: In addition to the Fed's policy shift, Korea's weakening economy also contributed to the Won's depreciation. According to data released by the Bank of Korea (BOK) on March 27, 2024, Korea's business confidence index fell in March, raising concerns about the country's economic growth prospects.

The seasonal business survey index for the manufacturing sector fell 2 points to 72, while the forecast for next month also fell 2 points to 74.

For the non-manufacturing sector, the seasonal business survey index fell 2 points to 68, while the forecast for next month fell 1 point to 69.

The composite economic sentiment index, which includes both business and consumer surveys, fell 1.1 points to 92.2.

Weakening business confidence suggests that South Korean businesses are becoming more cautious about the economic outlook, leading to reduced investment and hiring. This could slow economic growth and eventually lead to a weaker won.

Other factors affecting exchange rates

In addition to the Fed’s statement and the Korean economy, another factor contributing to the Won’s weakness is the Japanese Yen’s decline. The Japanese Yen’s decline is creating a domino effect that is causing other Asian currencies to decline. Most recently, China is said to have deliberately allowed the Yuan to depreciate, so that Chinese goods can compete with Japanese exports. Korea is also a country with a trade surplus, so Korean officials will have to calculate the Won exchange rate to increase the country’s export competitiveness.

Refer to foreign currency exchange addresses - buying and selling Won in Hanoi:

1. Quoc Trinh Ha Trung Gold Shop - No. 27 Ha Trung, Hang Bong, Hoan Kiem District, Hanoi

2. Gold and Silver Fine Arts - No. 31 Ha Trung, Hang Bong, Hoan Kiem District, Hanoi

3. Minh Chien Gold and Silver Store - No. 119 Cau Giay, Cau Giay District, Hanoi

4. Thinh Quang Gold and Silver Company - No. 43 Ha Trung, Hang Bong, Hoan Kiem District, Hanoi

5. Toan Thuy Store - No. 455 Nguyen Trai, Thanh Xuan, Hanoi and No. 6 Nguyen Tuan, Thanh Xuan District, Hanoi

6. Bao Tin Minh Chau Gold, Silver and Gemstones - No. 19 Tran Nhan Tong, Bui Thi Xuan, Hoan Kiem District, Hanoi

7. Chinh Quang Store - No. 30 Ha Trung, Hang Bong, Hoan Kiem District, Hanoi

8. Kim Linh 3 Store - No. 47 Ha Trung, Hang Bong, Hoan Kiem District, Hanoi

9. Huy Khoi Store - No. 19 Ha Trung, Hang Bong, Hoan Kiem District, Hanoi

10. System of transaction offices at banks such as: Sacombank, VietinBank, Vietcombank, SHB

Refer to the popular foreign currency exchange - Won buying and selling addresses in Ho Chi Minh City:

1. Minh Thu Currency Exchange - No. 22 Nguyen Thai Binh, District 1, Ho Chi Minh City

2. Kim Mai Gold Shop - 84 Cong Quynh, District 1, Ho Chi Minh City

3. Kim Chau Gold Shop - 784 Dien Bien Phu, Ward 10, District 10. Ho Chi Minh City

4. Saigon Jewelry Center - 40-42 Phan Boi Chau, District 1, Ho Chi Minh City

5. Kim Hung foreign currency exchange agency - No. 209 Pham Van Hai, Binh Chanh district, Ho Chi Minh City

6. DOJI Jewelry Store - Diamond Plaza Le Duan, 34 Le Duan, Ben Nghe, District 1, Ho Chi Minh City

7. Kim Tam Hai Shop - No. 27 Truong Chinh, Tan Thoi Nhat Ward, District 12, Ho Chi Minh City

8. Bich Thuy Gold Shop - No. 39 Pham Van Hai Market, Ward 3, Tan Binh District, Ho Chi Minh City

9. Ha Tam Gold Shop - No. 2 Nguyen An Ninh, Ben Thanh Ward, District 1, Ho Chi Minh City

10. System of transaction offices at banks in Ho Chi Minh City such as: Sacombank, VietinBank, Vietcombank, SHB, Eximbank.

* Information for reference only.

Source: https://congthuong.vn/ty-gia-won-han-quoc-hom-nay-3132024-gia-won-giu-nguyen-tai-cac-ngan-hang-311909.html