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 1, the State Bank announced the central exchange rate of the Vietnamese Dong to the USD at 24,255 VND, down 2 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: 25,050 VND - 25,420 VND.

Vietinbank : 24,975 VND - 25,425 VND.

Foreign exchange rates, USD/VND exchange rate today, August 1: Japanese Yen suddenly increased, USD decreased. (Source: CNN)

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 104.03, down 0.53%.

The USD exchange rate continued to fall today, after the US Federal Reserve (Fed) decided to keep interest rates unchanged at its July policy meeting.

The agency hinted at a cut in borrowing costs at its next meeting in September.

Fed Chairman Jerome Powell said after a two-day meeting that a rate cut could be discussed as early as September if inflation falls as expected, growth remains fairly strong and the labor market remains strong.

But he also said the bank remained dependent on economic data and had not made any decisions about future meetings.

“The Fed wants to wait a little longer for the data, even as a slew of other central banks have cut rates,” said Adam Button, chief currency analyst at ForexLive in Toronto, Canada.

Traders have firmly priced in a rate cut in September, which could put pressure on the Fed. Traders are also expecting a second and possibly third cut later this year.

The Japanese yen hit a four-month high against the dollar after the Bank of Japan (BOJ) decided to raise interest rates at its July 31 policy meeting and said more hikes were possible.

The BOJ raised its overnight interest rate target to 0.25% from 0-0.1%, the biggest increase since 2007.

Japan’s rate hike comes just months after the BOJ ended eight years of negative interest rates. The bank also announced plans to halve its monthly purchases of Japanese government bonds (JGBs) to 3 trillion yen.