On 29/7, the State Bank of Vietnam announced the central exchange rate at 25,206 VND, an increase of 24 VND compared to yesterday. With a 5% margin against the central exchange rate, commercial banks are allowed to buy and sell USD within the range of 23,945 - 26,466 VND.

Commercial banks also raised the USD exchange rate to its highest level ever this morning. Compared to the beginning of the year, each USD in the official market is about 850 VND higher, equivalent to an increase of about 3.3%.

Specifically, Vietcombank listed 26,010 - 26,400 VND per USD, an increase of 30 VND compared to yesterday. BIDV announced an exchange rate of 26,040 - 26,400 VND. At Techcombank, the USD price also rose to 26,062 - 26,402 VND.

The USD price in the official market is currently trading quite close to the black market. The USD price is currently being traded at around 26,380 - 26,460 VND at foreign exchange bureaus.

At the same time, the USD Index - measuring the strength of the greenback in the international market - traded at 98.68 points, 9% lower than at the beginning of the year.

Pham Chi Quang, Head of Monetary Policy Department, said that the State Bank of Vietnam maintaining low-interest rates and foreign investors net selling caused the VND to depreciate despite the weak USD. The State Bank maintaining low-interest rates caused the interest rate differential between VND and USD to be negative. Accordingly, the balance of foreign currency supply and demand fluctuates, and organizations will convert to more attractive currencies to hold. In addition, according to the Head of Monetary Policy Department, foreign investors' net selling on the stock market also affected the foreign exchange market.

In the precious metals market, domestic gold prices have recently been quite stable and fluctuated within a narrow range. This morning, Saigon Jewelry Company (SJC) listed the price of gold bars at 119.5 - 121 million VND per tael. Plain rings were listed by SJC at 114.4 - 116.9 million VND per tael.

Quynh Trang