USD price in Vietnam falls sharply

(NLDO) – The USD price in banks has retreated from the 25,500 VND/USD mark in the context of the USD cooling down in the international market.

On the morning of November 29, the central exchange rate was listed by the State Bank at 24,251 VND/USD, down sharply by 20 VND/USD compared to yesterday. This is the third consecutive day that the central exchange rate has decreased.

The USD price at commercial banks has also plummeted in recent days. Vietcombank buys USD at 25,160 VND/USD and sells at 25,463 VND/USD, down about 20 VND compared to yesterday.

Eximbank andACB buy USD at 25,140 VND/USD, and sell at the same price as Vietcombank at 25,463 VND/USD.

In the past 3 days, the bank USD price has decreased by a total of about 46 VND/USD.

The exchange rate cooled down in the context of the USD falling in the international market. The USD index (DXY) fell to 105.8 points this morning, down about 1.6% from its peak more than a week ago.

Bank USD price drops sharply

In Official Dispatch No. 122/CD-TTg sent to the Governor of the State Bank on strengthening credit management solutions in 2024, the Prime Minister requested the State Bank to continue to operate monetary policy proactively, flexibly, promptly, effectively, closely and harmoniously coordinated with a reasonable, focused, key expansionary fiscal policy and other macroeconomic policies.

In particular, focus on implementing more drastically and effectively the tasks and solutions on interest rate management, exchange rate management, credit growth, open market management, money supply, reducing lending interest rates, etc. to supply capital to the economy at reasonable costs.

Previously, answering before the National Assembly, State Bank Governor Nguyen Thi Hong said that the management agency will closely monitor market developments and, in case the exchange rate fluctuates too much, will promptly intervene to sell foreign currency.

The US Federal Reserve's (FED) interest rate cut may seem to reduce pressure on the exchange rate at first glance. However, the exchange rate and the domestic foreign exchange market are affected by many factors, depending on the supply and demand of foreign currency in the economy.

The State Bank said it is determined to stabilize the value of the VND, combining interest rate and exchange rate policies to make the VND more attractive, and encouraging people to convert foreign currency into VND.

Source: https://nld.com.vn/gia-usd-tai-viet-nam-rot-manh-196241129115118007.htm