Free exchange rate continues to fall sharply

USD transaction at a bank counter in Ho Chi Minh City

This morning, foreign exchange points in the market continued to lower the buying and selling prices of US dollars. The selling price of USD at some foreign exchange points on Ha Trung Street (Hanoi) decreased by 50-60 VND compared to yesterday, down to 25,250-25,260 VND. The buying price of each USD is around 25,200 VND, with a buying and selling margin of about 50-60 VND.

The free exchange rate has started to fall sharply in the past month, as the greenback on the international market has weakened. The Dollar Index - an index measuring the strength of the greenback - has fallen continuously for many weeks. This index is currently at 101.33 points, down nearly 4.5% compared to the peak at the end of June (106.05 points).

Compared to the peak of nearly 26,000 VND set at the end of June, the free USD price is currently 750 VND lower, equivalent to a decrease of about 3%.

Contrary to the sharp decline in the free market, the selling price of USD at banks has increased, helping the gap narrow to below 100 VND - the lowest in many months.

Vietcombank on the morning of August 23 listed the USD selling price at 25,190 VND to 1 USD, an increase of about 70 VND compared to yesterday. This price is only about 60 VND different from the free market, equivalent to 0.2%. Previously, when the US dollar price peaked at 26,000 VND, the difference between the two markets was up to more than 500 VND per USD.

At other banks, the selling price of US dollars is around 25,170-25,220 VND, an increase of about 60-80 VND compared to August 22.

Market attention is now focused on the next move by the Federal Reserve. Most investors are now betting on the Fed easing at its meeting next month. The only debate is whether the central bank will cut rates by 25 basis points (0.25%) or 50 basis points. Minutes from the July meeting released earlier this week also showed the central bank is ready to act.

TH (according to VnExpress)

Source: https://baohaiduong.vn/ty-gia-tu-do-tiep-tuc-giam-sau-391071.html