On the morning of March 17, the USD price at commercial banks recorded a week of high increase. For example, Vietcombank bought at 24,520 VND and sold at 24,890 VND, an increase of 50 VND compared to the end of last week. Meanwhile, Eximbank increased by 80 VND after a week, bringing the buying price to 24,490 VND and selling at 24,880 VND... This is the high level of the USD/VND exchange rate in the banking system but is still about 150 VND lower than the peak in 2022.
On the contrary, the euro price turned to decrease, with Vietcombank buying at 26,232 VND and selling at 27,671 VND, down 71 - 75 VND compared to the end of last week...
USD price increased all week
The central exchange rate between the Vietnamese Dong (VND) and the US Dollar (USD) announced by the State Bank at the end of the week was 23,979 VND/USD, an increase of 10 VND compared to the beginning of the week. The State Bank has issued treasury bills in the interbank market for 5 consecutive days and absorbed nearly 75,000 billion VND. This move is considered one of the solutions to increase VND interest rates in the interbank market, helping to reduce the interest rate difference between the USD and VND to reduce pressure on the exchange rate. In a recent analysis report, Dragon Capital commented that the issuance of treasury bills this time is a necessary management move to cool down the exchange rate. At the same time, this organization also emphasized that the above move does not mean a change in monetary policy.
The world USD price increased again when the USD-Index stood above 103 points. At the end of the week, the USD-Index reached 103.06 points, 0.4 points higher than the end of the previous week. Recent reports on the US consumer price index and production index in February were higher than expected, showing that inflation remains high, hindering the possibility of an early interest rate cut from June by the US Federal Reserve (Fed).
The Fed meets next week and is not expected to make any moves related to interest rate cuts. At the same time, investors have also reduced expectations of the Fed cutting interest rates in the near future.
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