USD exchange rate today November 3, 2024: Decreased by 10 VND last week, at 24,242 VND
USD exchange rate today November 3, 2024: Domestic exchange rate decreased by 10 VND last week, at 24,242 VND. USD Index is currently at 104.2.
World USD exchange rate last week
The USD Index (DXY) rose 0.06% for the week to 104.32. The USD was volatile against other major currencies.
The USD was steady at the start of the week while the Japanese Yen fell sharply to 153.88 JPY/USD, as the Japanese election results decimated the ruling coalition’s majority. Markets are concerned that if USD/JPY breaks above 160, the Japanese Ministry of Finance may intervene.
The US dollar has also been supported by the US economic recovery, with the DXY up 3.6% since the beginning of October, its strongest increase since April 2022. High consumer confidence and the possibility of a Donald Trump victory have pushed up US Treasury yields.
On October 31, the USD fell slightly due to the third quarter growth of only 2.8%, lower than expected, causing the DXY to fall from 104.43 to 104.06. The market predicted that the Fed could cut interest rates by 25 basis points, when inflation decreased.
The dollar rebounded on November 2 after the nonfarm payrolls report showed a modest increase of 12,000 jobs in October, although the unemployment rate remained at 4.1%. The data reinforced the possibility that the Fed would cut interest rates at its meeting on November 7.
At the end of the week, the market will pay attention to the US presidential election and the Fed's policy decision, which is expected to cause fluctuations in the USD exchange rate and other major currencies.
Domestic USD exchange rate
The central exchange rate listed by the State Bank is 24,242 VND/USD, down 10 VND compared to the beginning of the week. Commercial banks have a trading range of 23,042 to 25,467 VND/USD.
At the State Bank of Vietnam, the reference buying and selling exchange rates are 23,400 - 25,450 VND/USD.
At Vietcombank, the USD exchange rate was listed at 25,084 - 25,454 VND/USD, down 80 VND for buying and 13 VND for selling compared to the previous session. At VietinBank, the exchange rate was 24,965 - 25,454 VND/USD.
At Techcombank, the USD exchange rate is currently 25,036 - 25,454 VND/USD, and Eximbank recorded 25,080 - 25,454 VND/USD.
On the free market, the USD/VND exchange rate this morning was 25,750 - 25,850 VND, up 60 VND each way compared to the previous session. Thus, the USD buying price on the free market is about 785 VND higher than at banks, while the difference in selling price is about 396 VND.
The State Bank of Vietnam has resumed issuing treasury bills after a two-month pause, with the overnight interbank rate falling to 2.6% on October 18. The bank issued 14-day and 28-day treasury bills, attracting a total of VND12.3 trillion ($492 million), with interest rates of 3.74% and 4% per year, respectively.
Experts from VNDirect said that the issuance of treasury bills shows the operator's intention to absorb excess liquidity and raise interbank interest rates to a reasonable level, thereby helping to reduce exchange rate pressure.
Although the exchange rate is under pressure due to the high DXY index (above 104) due to the US announcing positive inflation and retail sales data, the market still predicts that the Fed will cut interest rates by 25 basis points at the meeting in November. This could help the State Bank adjust monetary policy more flexibly when foreign exchange pressure gradually decreases.
VNDirect experts believe that the State Bank's policies in the last months of 2024 will continue to support liquidity and economic growth.