Won price at banks is stable

Won exchange rate today April 21, 2024 in the domestic market

According to a survey by Cong Thuong Newspaper, at 10:00 a.m. this morning, April 21, 2024, the Won exchange rate at banks remained the same as yesterday, April 20.

At Vietcombank, the buying and selling rates of Won Vietcombank are 15.82 VND/KRW and 19.18 VND/KRW. The buying and selling rates of Won at VietinBank are 16.30 VND/KRW and 20.30 VND/KRW.

Won exchange rate today April 21, 2024 surveyed at some banks. (Screenshot at 10am)

Compare the Korean Won (KRW) exchange rate between the 7 largest banks in Vietnam. Today, April 20, 2024, the KRW exchange rate for buying 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, for selling, 0 banks increasing the selling price, 0 banks decreasing the selling price and 7 banks keeping the selling price unchanged compared to yesterday.

Today, April 20, 2024, Tien Phong Bank bought Korean Won (KRW) at the highest price of 17.49 VND/KRW. The lowest selling price of Korean Won (KRW) was Tien Phong Bank at 19.02 VND/KRW.

Won exchange rate today April 21, 2024 surveyed at some banks. (Screenshot at 10am)

Black Market Won Rate

Today, April 21, 2024, a survey on the black market at 10:00 a.m. showed that the Won exchange rate increased to 18.37 VND/KRW for buying and decreased to 18 VND/KRW for selling.

Won exchange rate today April 21, 2024 surveyed at some banks. (Screenshot at 10am)

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 does the Korean Won fluctuate?

The Korean Won has been on a weakening trend recently, mainly due to expectations that the US Federal Reserve (FED) will delay cutting US interest rates. In addition, fluctuations in other key Asian currencies such as the Japanese Yen and the Chinese Yuan have also contributed to increasing pressure on the Won.

Currently, the market is expecting the Fed to delay cutting the US benchmark interest rate due to higher-than-expected CPI. This has caused investors to reduce their expectations for the Won, leading to selling of the Won and pushing its value down.

The global won fell past 1,365 KRW/USD, raising concerns about government intervention to protect the currency. However, a foreign exchange market official said, “Not only the won is weak, but also the Japanese yen and Chinese yuan are weak, so there doesn’t seem to be much incentive for the government to intervene.”

The interest rate of the US dollar plays an important role in determining the attractiveness of this currency and reducing the value of other risk-sensitive currencies. When the US Federal Reserve (FED) anchors high interest rates for a long time, investors tend to convert other currencies into USD to enjoy higher returns. This leads to a situation where the USD appreciates and other currencies, including the Korean Won, depreciates. Even when the FED has not officially adjusted interest rates, market expectations of future interest rate increases or decreases can also affect the exchange rate.

Experts say the won will have a hard time recovering until uncertainty about when the Fed will cut its benchmark interest rate later this year is resolved. “A delay in the Fed’s rate cut could add to the burden on the won,” predicted Park Sang-hyun, a researcher at Hi Investment & Securities.

“The market is paying attention to the US Consumer Price Index (CPI) for March, as the CPI for January and February was higher than expected,” said Baek Seok-hyun, an economist at Shinhan Bank.

“ The probability of the Fed cutting interest rates in June is almost zero, and the market’s disappointment that it is unlikely to cut interest rates in July has weighed on the won,” said Moon Jung-hee, an economist at KB Kookmin Bank. “The market is paying attention to the US Consumer Price Index (CPI) for March, as the CPI for January and February were higher than expected,” said Baek Seok-hyun, an economist at Shinhan 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-hom-nay-2142024-gia-won-tai-cac-ngan-hang-on-dinh-315858.html