Won price at banks decreased simultaneously

Won exchange rate today April 12, 2024 in the domestic market

According to a survey by Cong Thuong Newspaper this morning, April 12, 2024, the Won exchange rate at banks has decreased sharply compared to yesterday, April 11, 2024.

At Vietcombank, the buying and selling rates of Won Vietcombank are 15.80 VND/KRW and 19.15 VND/KRW. The buying and selling rates of Won at VietinBank are 16.46 VND/KRW and 20.06 VND/KRW.

Won exchange rate today April 12, 2024 at Vietcombank. (Screenshot at 9am)

Comparing the Korean Won (KRW) exchange rate between the 11 largest banks in Vietnam, today, April 12, 2024, the KRW exchange rate in the buying direction has 0 banks increasing the buying price, 5 banks decreasing the buying price and 6 banks keeping the buying price unchanged compared to yesterday.

Meanwhile, in the selling direction, 0 banks increased their selling prices, 5 banks decreased their selling prices, and 6 banks kept their selling prices unchanged compared to yesterday.

Today, Tien Phong Bank buys Korean Won (KRW) at the highest price of 17.33 VND/KRW. The lowest selling price of Korean Won (KRW) is TPBank at 20.27 VND per KRW.

Won exchange rate today April 12, 2024 surveyed at some banks. (Screenshot at 9am)

Black Market Won Rate

Today, April 12, 2024, a survey on the black market at 9:00 a.m. showed that the Won exchange rate decreased to 18.13 VND/KRW for buying and 18 VND/KRW for selling.

AUD exchange rate today, April 12, 2024 at the price market. (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 Vietnamese law.

How is the Won performing?

According to the survey, the latest data shows that the current price of the Korean Won tends to decrease slightly compared to the Vietnamese currency. The Won price has recently fluctuated at a low level due to the influence of expectations of US interest rate cuts as well as the decline of the Japanese Yen (JPY) and Chinese Yuan (CNY).

The exchange rate of the South Korean Won (KRW) fluctuated at a low level against the US dollar (USD), as the strength of the US economy supported the USD to appreciate against other currencies globally.

Analysts say the high exchange rate of the Korean Won is easing as the dollar appreciates, the US economy remains strong, reducing expectations of an early US rate cut, and the US-Korea interest rate differential remains high.

Analysts predict that the KRW/USD exchange rate could fall sharply in the first half of 2024, with the possibility of the Korean Won falling to an exchange rate of 1,360 KRW/USD.

A strong US economy is reducing the chances of the Federal Reserve cutting its benchmark interest rate in June, as well as reducing the likelihood that the US will ease interest rates three times in 2024.

“The Fed will not want to risk easing monetary policy too soon amid rising inflation and many indicators showing the US economy remains strong,” said Seo Jung-hoon, a researcher at Hana Bank.

The Fed's benchmark overnight rate currently ranges from 5.25% to 5.5%.

US consumer inflation rose 3.2% year-on-year in February, up from 3.1% in January and above the Fed's 2% target. US consumer spending also rose 0.8% year-on-year in February, beating estimates of 0.5%. US manufacturing, which accounts for 10.4% of the economy, rebounded in March after 16 straight months of decline.

“Considering these factors, I bet that the timing of the US interest rate cut may be delayed, creating more room for the USD/KRW exchange rate to rise, possibly exceeding 1,360 won,” said Professor Kim Sang-bong, of the economics department at Hansung University.

Experts say the weaker currencies of major countries against the dollar are further fueling the won's decline.

“The weakening of the yen is a particularly negative factor for South Korea, as the won tends to trade similarly to the yen,” said Min Kyung-won, a researcher at Woori Bank.

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-1242024-gia-won-tai-cac-ngan-hang-dong-loat-giam-314277.html