Foreign exchange rate update table - Vietcombank USD exchange rate today

Exchange rate developments in the domestic market

In the domestic market, according to TG&VN at 7:30 a.m. on August 5, the State Bank announced the central exchange rate of the Vietnamese Dong to the USD at 24,003 VND.

The reference USD exchange rate at the State Bank of Vietnam is listed at: 23,400 VND - 25,450 VND.

USD exchange rates at commercial banks are as follows:

Vietcombank: 24,600 VND - 24,970 VND.

Vietinbank : 24,603 VND - 25,023 VND.

Foreign exchange rates, USD/VND exchange rate today, August 5: Japanese Yen increases again, investors sell more USD. (Source: Vietnamnet)

Exchange rate developments in the world market

The Dollar Index (DXY), which measures the USD against six major currencies (Euro, JPY, GBP, CAD, SEK, CHF), stopped at 104.49.

The US dollar fell slightly, after a series of US economic data was released.

US prices slowed in February, with service costs slowing significantly, leaving the Federal Reserve (Fed) still in doubt about a June interest rate cut.

A Commerce Department report on March 29 also showed that consumer spending rose by the most in just over a year last month, underscoring the economy’s resilience. The U.S. continues to outperform its global peers despite higher borrowing costs, thanks to persistent labor market strength.

“Inflation is slowing and it’s likely to continue through the year,” said Jeffrey Roach, chief economist at LPL Financial in Charlotte, North Carolina. “By the time the Fed meets in September, the economic data will be compelling enough for them to start cutting rates.”

Although price pressures are easing, the pace has slowed compared with the first half of last year and inflation remains above the Fed's 2% target.

Fed officials last week decided to keep the central bank's policy rate unchanged in its current range of 5.25%-5.50%, after raising it by 525 basis points starting in March 2022.

Policymakers are forecasting three rate cuts this year, with financial markets expecting the first cut at the June policy meeting.

Expectations of a Fed rate cut have prompted many investors to sell more USD, pushing the greenback down despite rising tensions in the Middle East.

Meanwhile, the Yen has rebounded after the Bank of Japan spent 5.53 trillion Yen ($37 billion) intervening in the foreign exchange market in July to pull the Yen from its 38-year low (the lowest level was 160 Yen per USD and is currently at 146.5 Yen per USD).