Bank USD price hits ceiling

Today's bank USD price hit the ceiling of 24,452 VND, equal to the record set in mid-year.

On October 22, the State Bank announced the central exchange rate at 22,240 VND, an increase of 12 VND compared to yesterday. With a 5% margin compared to the central exchange rate, commercial banks are allowed to trade USD in the price range from 23,028 VND to a maximum of 25,452 VND.

Commercial banks also increased the US dollar price to the ceiling today. Vietcombank listed the exchange rate at 25,062 - 25,452 VND, up 22 VND compared to yesterday. The buying and selling rate at BIDV increased to 25,188 - 25,452 VND; Eximbank also raised it to 25,150 - 24,452 VND.

After many consecutive up sessions, USD price The bank's interest rate has increased by 680 VND, equivalent to 2.75% compared to the beginning of the month. Compared to the beginning of the year, each USD the bank has increased by more than 1,000 VND, equivalent to an efficiency of 4.2%.

Currently, the bank exchange rate is quite close to the dollar on the black market. This morning, foreign exchange points bought and sold USD at around 25,460 - 25,560 VND.

Commenting on the exchange rate trend, Mr. Tran Hoang Son, Market Strategy Director of VPBank Securities Company (VPBankS), assessed that this increase was mainly due to seasonality.

According to VPBanks statistics, October is the time when businesses increase their demand for USD to import for year-end export for the Western Christmas and New Year holidays. In addition, the demand for USD to fulfill international debt payment obligations can also affect the exchange rate in the short term.

In addition, not only VND, the currencies of emerging markets have recently been affected by the strengthening of the USD Index. The fact that the US Federal Reserve (Fed) may extend the time of lowering interest rates longer than expected, causing the USD Index to increase continuously. In addition, recent US economic data shows much more stability, adding strength to the USD.

However, this expert believes that with the trend of decreasing interest rates in the coming time, the USD Index may slow down. At the same time, after October, domestic demand for USD may decrease, thereby helping the exchange rate to stabilize again.

Source