Central exchange rate exceeds 24,000 VND, USD will continue to "heat up"

09/11/2023 13:02 Nhat Linh Print article

ANTD.VN - After a series of continuous increases, the central exchange rate today has exceeded 24,000 VND/USD. Meanwhile, the buying and selling prices of USD at banks have tended to decrease compared to the end of last week, but are still at a high level.

This morning, the State Bank announced the central exchange rate between the Vietnamese Dong (VND) and the US Dollar (USD) applicable for September 11 at 24,005 VND/USD, an increase of 12 VND compared to last weekend.

Applying a 5% margin, commercial banks are allowed to trade at today's ceiling rate of VND25,205/USD and the floor rate of VND22,804/USD.

Recently, the central exchange rate has been increasing strongly. In the previous trading week, the central exchange rate increased by a total of 34 VND.

USD exchange rate continuously increased sharply last week

Meanwhile, the USD/VND exchange rate at commercial banks, after a long increase last week, has decreased quite sharply this morning, but still maintains a high level of over 24,000 VND/USD.

Specifically, this morning, Vietcombank listed the USD price at 23,855-24,225 VND/USD (buy - sell), down 35 VND in both buying and selling compared to the closing price of last weekend's trading session.

Vietinbank traded USD at the buying and selling price of 23,805 - 24,225 VND/USD (selling), down 95 VND in both directions compared to last weekend.

BIDV buys USD at 23,900 VND/USD and sells at 24,220 VND/USD, down 50 VND/USD in both buying and selling compared to last weekend.

In the private sector, Techcombank listed USD buying and selling transactions this morning at 23,879 - 24,227 VND/USD, down 45 VND for buying and 53 VND for selling compared to the closing price at the end of last week.

Eximbank also adjusted down 50 VND per USD, to 23,820 - 24,210 VND/USD; MSB 23,901 - 24,203 VND/USD, down 52 VND in buying price, down 57 VND in selling price compared to the closing price at the end of last week.

In the free market, the USD price is also being traded at a high level, around 24,100 - 24,180 VND/USD.

Explaining the continuous increase of the USD in recent times, the analysis team of SSI Securities Company said that the fluctuations of VND are more inclined towards seasonal factors. Maintaining divergent monetary policies with major central banks in the world is a factor that creates greater pressure on the exchange rate in the third quarter.

On the positive side, the State Bank's position is relatively different from the same period last year thanks to the amount of foreign exchange reserves that were added in the first 6 months of the year as well as the positive foreign currency supply from foreign direct investment disbursed in the first 8 months reaching 13.1 billion USD, up 1.5% over the same period, or the estimated trade balance reaching a record surplus of 20.6 billion USD.

Meanwhile, the expert group of MB Securities Company (MBS) assessed that the VND/USD exchange rate increased due to pressure from international factors. It is forecasted that VND will continue to depreciate against USD and the VND/USD exchange rate may reach 24,500 in the last months of the year, before decreasing slightly again next year.

In the international market, the USD price tends to cool down after rising to a high level. The US Dollar Index (DXY) - measuring the fluctuations of the US dollar compared to a basket of 6 major currencies - today unexpectedly slipped below the 105 point mark.

However, according to international experts, the USD will not easily lose its strength. The US Federal Reserve (Fed) will consider deciding on interest rates at its meeting on September 19-20. In addition, as planned, the European Central Bank (ECB) will also make an interest rate decision on September 14. These are two important events for the USD's movements.

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