Bank USD price peaked at nearly 25,300 VND

Transaction at VP Bank on the morning of November 14, 2022. Photo: Thanh Tung — Transactions at VP Bank

The State Bank today announced the central exchange rate at 24,096 VND, up 14 VND compared to the end of the week. With a 5% margin compared to the central exchange rate, commercial banks are allowed to buy and sell USD in the price range of 22,891 - 25,301 VND.

At 2:40 p.m., Vietcombank listed the exchange rate at 24,900 - 25,270 VND, up 90 VND compared to the weekend. The exchange rate at BIDV also increased by 80 VND to 24,840 - 25,150 VND; Eximbank also increased by 80 VND to 24,860 - 25,250 VND.

Since the beginning of the year, USD in the banking market has increased by more than 800 VND, equivalent to an increase of about 3.3%.

In the free market, the USD buying and selling price this morning at exchange points also increased slightly to 25,450 - 25,550 VND.

Recently, the State Bank has issued 6.8 billion USD in treasury bills, gradually raising the 1-month interbank interest rate from 1.5% to nearly 4-4.5%, thereby narrowing the difference in USD and VND interest rates.

However, Dragon Capital experts believe that exchange rate pressure will remain in the coming months. The reason for the second quarter is the peak of the dividend payment season and the policy reversal of central banks with the US Federal Reserve (Fed) higher at the end of the interest rate hike cycle, which could cause the USD to continue to strengthen.

In the gold market, the price of SJC gold bars bought and sold at jewelry stores today also fluctuated strongly. After noon, the SJC buying price in the afternoon was increased by 2.7 million compared to the weekend, up to 83.3 million VND. The selling price in the afternoon increased by 2.4 million VND, up to 85.5 million VND. At DOJI Gold and Gemstone Group, the price of gold bars also reached an all-time high of 83 - 85.4 million VND.

However, this record level did not last long due to selling pressure from investors. By 2 p.m., each tael of SJC gold bar reversed and decreased by 500,000 VND for buying to 82.7 - 84.9 million VND per tael. DOJI also reduced the price of gold bars to 82.6 - 84.8 million VND.

The atmosphere of gold bar trading this morning at SJC headquarters on Nguyen Thi Minh Khai Street (District 3, Ho Chi Minh City) was also more crowded than usual. When the price of gold bars was at a record high, records at the store showed that customers traded both buying and selling. Meanwhile, plain ring transactions at SJC were bustling and dominated compared to gold bars.

This morning, the price of 24K plain gold rings increased lower than gold bars, but was about 350,000 VND higher than the weekend. SJC listed the price of plain rings at 74.65 - 76.55 million VND, while Bao Tin Minh Chau announced the price of plain gold rings at 75.5 - 77.2 million VND per tael.

Each ounce of gold in the international market is currently around 2,357 USD, converted at Vietcombank exchange rate equivalent to 71.7 million VND per tael. Accordingly, domestic gold bars are 13.8 million VND higher than the world price, while the difference between gold rings and the world price is about 4.5-5.5 million VND per tael.

TH (according to VnExpress)

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