(PLO) – On February 15, the market returned to work after the Lunar New Year holiday, the dollar price at commercial banks as well as on the “black market” fluctuated strongly.
Today, the State Bank announced the central exchange rate of Vietnamese Dong to USD at 23,976 VND/USD, an increase of 20 VND compared to before the Lunar New Year holiday.
Along with that, USD prices at commercial banks are also “hot” again with mixed increases and decreases. Specifically, at the end of the trading session, the USD price at Vietcombank added 40 VND for both buying and selling directions compared to the most recent trading session. Accordingly, the buying and selling price of greenbacks at this bank closed at 24,240 – 24,610 VND/USD.
Similarly, Vietinbank also added 60 VND to the buying price, but only added 20 VND to the selling price, trading at 24,215 – 24,635 VND/USD. Or like ACB bank increased by 30 VND, bringing the USD/VND exchange rate of today’s session to stop at 24,300 – 24,600 VND/USD.
Particularly at Eximbank, dollar price suddenly increased by 150 VND per dollar on the buying side and decreased by 20 VND on the selling side, bringing the buying – selling price of USD to 24,220 – 24,610 VND/USD.
Notably, on the free market, the black market dollar price traded around 25,085 VND/USD (buy) and 25,155 VND/USD (sell), 135 VND higher in the afternoon compared to the opening price this morning. Compared to early February, the black market dollar price has now increased by nearly 300 VND per dollar. Meanwhile, at the same time, the USD price at commercial banks only increased by 30 – 40 VND.
Because the dollar price on the free market increased too quickly, the selling price difference between the two markets was about 560 VND, and this is the largest difference in the past few months.
According to Rong Viet Securities Company, the main reason why the dong depreciated in the first month of the year was the recovery of the USD, stemming from investors reducing expectations about the prospect of interest rate cuts by the Federal Reserve. US Federal Reserve (Fed).
According to the FedWatch tool, the probability of cutting interest rates at the Fed’s March 2024 meeting has decreased from 70% at the beginning of the year to only 30% after January inflation figures were “hotter” than expected. newspaper.
However, market expectations for a cut in 2024 remain unchanged at 150 basis points with a probability of 42.8%.
Accordingly, the DXY index measuring the strength of the USD at 4:00 p.m. this afternoon fluctuated around 04.6 points, the highest level compared to the beginning of the year. In addition, the positive difference in USD-VND interest rates is still anchored at a high level in the first month of the year (nearly 5 percentage points), which is also a factor putting pressure on the development of the dong.
(PLO)- Black market dollar price suddenly reversed to decrease, helping the difference between the USD selling price on the official and unofficial markets to narrow significantly.
THUY LINH
