The official exchange rate announced by the State Bank of Vietnam was adjusted significantly, hitting a new high, at VND25,058/USD, up VND30 from the previous session, marking the highest central rate ever.

With a 5 percent trading band, commercial banks were allowed to trade at the ceiling rate of VND26,311/USD and a floor rate of VND23,805/USD.

The reference dollar rate at the State Bank’s Exchange was also raised by VND29 per USD for buying and VND31 for selling, reaching VND23,856–VND26,260/USD (buy–sell).

At commercial banks, USD prices recorded a strong increase on June 24.

For buying, many banks raised the greenback price close to VND26,000/USD, with some even listing purchase rates above this level.

For selling, USD prices at banks all exceeded VND26,300/USD, the highest ever recorded.

USD prices at Vietcombank on June 24 rose by VND91 for buying and VND31 for selling compared with that of the previous day, with cash purchase at VND25,980/USD and selling at VND26,310/USD.

USD prices at VietinBank increased to VND25,995–VND26,305/USD (buy–sell), up VND26 for both buying and selling.

And USD prices at BIDV rose by VND96 for buying and VND26 for selling, reaching VND26,015–VND26,305/USD (buy–sell).

Not only state owned banks, but private commercial banks also raised the dollar prices.

Techcombank raised USD prices by VND18 for buying and VND31 for selling compared to the previous day, with cash purchase at VND25,979/USD and selling at VND26,310/USD.

Sacombank also raised USD prices to VND25,996–VND26,310/USD (buy–sell), up VND36 for buying and VND35 for selling.

The dollar prices in the free market also rose sharply. The dollar was traded at VND26,320–VND26,420/USD, up VND25 for both buying and selling compared to the previous day.

Meanwhile, globally, USD prices trended downward.

The US Dollar Index (measuring the strength of the USD against other major currencies) at 12:09 on June 24 (Vietnam time) stood at 98.12 points, down 0.3 percent from the previous session.

USD prices fell as market risk sentiment improved significantly following news of a ceasefire between Israel and Iran. Additionally, signals suggesting the US Federal Reserve might cut interest rates sooner than expected further pressured the USD downward.

The dollar price first exceeded the VND26,000/USD threshold on April 3. With the official exchange rate at VND24,854/USD and the 5 percent trading band, the ceiling and floor dollar prices were VND26,097 and VND23,611/USD, respectively.

Hanh Nguyen