After many days of hot increases, the USD price on the free market in the past 2 days has dropped sharply. Today, the free USD price decreased to 270 VND, bringing the selling price below the mark of 25,400 VND/USD.
Foreign currency exchange points on the free market today commonly trade USD around 25,280-25,350 VND/USD (buy – sell).
Compared to the previous session, the free USD price today decreased by 200 VND/USD on the buying side and decreased by up to 270 VND on the selling side.
Yesterday, the free USD price also decreased by 60 VND/USD on the buying side and 50 VND on the selling side.
Thus, after 2 sessions, the free USD price “evaporated” by 260 VND/USD on the buying side and decreased by 320 VND on the selling side.
On March 5, the free USD price increased to 25,540-25,670 VND/USD (buy – sell), the highest ever.
Free USD price plummeted. Photo: Hoang Ha
Meanwhile, in the banking market, today’s USD price was adjusted up and down by banks with a slight margin.
Closing the session on March 7, Vietcombank listed the USD price at 24,500-24,870 VND/USD (buy – sell), an increase of 10 VND in both buying and selling compared to yesterday morning.
VietinBank traded USD at the price of 24,442 VND/USD (buying) and 24,862 VND/USD (selling), down 13 VND in both directions compared to yesterday morning.
In the private joint stock commercial banking sector, Techcombank bought USD at 24,516 VND/USD, sold at 24,862 VND/USD, down 12 VND in both buying and selling compared to yesterday morning.
At the end of today’s session, Sacombank listed the USD price at 24,483-24,948 VND/USD (buy – sell), down 17 VND in both directions compared to yesterday morning.
The USD price difference between the free market and banks has been shortened. The free USD buying price is 800 VND higher than the bank’s, while the selling price is 400 VND more expensive than the bank’s.
The central exchange rate announced by the State Bank on March 7 was at 24,017 VND, unchanged from the previous session.
Applying a margin of 5%, commercial banks are allowed to trade at a ceiling exchange rate of 25,218 VND/USD and a floor exchange rate of 22,816 VND/USD.
The reference selling rate is also kept unchanged by the State Bank’s Exchange, trading at 23,400 – 25,167 VND/USD (buy – sell).
Meanwhile, the USD price on the world market went down after US Federal Reserve (Fed) Chairman Jerome Powell talked about the expected reduction in basic interest rates this year.
The US Dollar Index (measuring the fluctuation of the greenback with 6 major currencies) at 5:34 p.m. on March 7, Vietnam time, was at 103.22 points, down 0.14% compared to the previous session.