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The selling price of USD in banks on the afternoon of September 5 decreased to 24,930 VND, the lowest since mid-March.
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Vietcombank - the leading bank in foreign exchange transactions - listed the buying and selling price of US dollars at 24,560 - 24,930 VND, down 85 VND compared to yesterday and 100 VND compared to the beginning of this week.
At other banks, the greenback also fell sharply. VietinBank sold USD at 24,905 VND, while buying at 24,565 VND. Techcombank, Eximbank and BIDV set the selling price of USD at around 24,910 - 24,925 VND, down about 90-100 VND compared to yesterday. The current exchange rate in many banks is equivalent to the trading range in mid-March, the lowest in nearly 6 months.
Compared to the peak set at the end of June (25,473 VND), the bank exchange rate has decreased by nearly 2.2%. The increase in the greenback's value has also narrowed to just over 2% compared to the peak of over 4% at the beginning of the year.
Meanwhile, the central exchange rate announced by the State Bank is 24,222 VND. The USD selling price of banks is currently less than 3% higher than the central exchange rate, far from the maximum level according to the amplitude of 5%.
On the free market, foreign exchange points sell US dollars for around 25,300 VND, down nearly 3% compared to the peak at the end of June.
The domestic greenback has depreciated in line with recent developments in the world market. The Dollar Index - an index measuring the strength of the USD - has fallen to around 101 points. This index has fallen more than 4% compared to its peak at the end of June (106.05 points).
According to MB Securities Company (MBS), the forces that made the USD "exceptionally strong" globally in the first four months of this year have begun to weaken. Historical data also shows that the US dollar is likely to depreciate when the Fed begins to loosen monetary policy by cutting interest rates.
According to the interest rate trackerCME FedWatchInvestors are betting on a 59% chance of a 25 basis point rate cut next month, and a 41% chance of a 50 basis point cut. The Fed's preferred inflation gauge, the personal consumption expenditures (PCE) price index, rose 0.2% in July, matching economists' forecasts.
TH (according to VnExpress)
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