USD price in Vietnam hits new peak, SJC gold bars also increase sharply

USD price in Vietnam increased for 3 consecutive days

On August 20, the State Bank announced the central exchange rate at 25,263 VND/USD, up 8 VND from the previous day, marking the third consecutive increase. With a trading band of ±5%, commercial banks are allowed to list USD prices between 24,000 VND and 26,526 VND.

At Vietcombank, the USD price was traded at 26,140 VND for buying and 26,500 VND for selling, up 10 VND compared to yesterday. Sacombank listed the USD price at 26,150 VND for buying and 26,510 VND for selling. Many other banks also adjusted the price up, bringing the USD selling price above 26,500 VND - the highest level ever.

In the free market, the greenback is traded at around 26,550 VND for buying and 26,640 VND for selling. Compared to banks, the black market USD price is only 100 VND higher per USD. Thus, not only is SJC gold holding its historical peak of around 124-125 million VND/tael, but the USD in Vietnam has also set a new record.

USD price forecast in Vietnam

According to a report by Yuanta Vietnam, the USD/VND exchange rate increased slightly after a flat period last week, with an increase of 0.11 - 0.19% in both the banking and free markets. Since the beginning of the year, the exchange rate has increased by about 3.6%, which is considered quite high.

Meanwhile, Vietnam Construction Securities Company (CSI) said that the VND will continue to depreciate despite the cooling of the USD in the international market, as Vietnam implements a loose monetary policy to support growth. This unit forecasts that the depreciation trend of the VND may last until the end of the year, with an increase of about 3-3.5%.

On the contrary, Yuanta Vietnam believes that the pressure on the exchange rate will cool down thanks to the weakening of the international USD, after many negative US economic data and the market expectations that the Federal Reserve (Fed) will cut interest rates by 0.25 percentage points in September. Currently, the USD Index has retreated to 98.3 points, down 4.7% from its peak of more than 103 points in April.

Regarding this development, the State Bank leader once affirmed that if the exchange rate pressure continues to increase sharply, this agency will consider stopping the interest rate cut, in order to stabilize the foreign exchange market and maintain macroeconomic balance.

Source: https://nld.com.vn/khong-chi-vang-mieng-sjc-gia-usd-tai-viet-nam-cung-lap-dinh-196250820141424182.htm