USD exchange rate today September 12, 2024: Domestic decrease, world increase slightly
USD exchange rate today September 12, 2024: The State Bank announced the central exchange rate of Vietnamese Dong to USD increased by 18 VND, currently at 24,212 VND.
Domestic USD exchange rate today September 12, 2024
The State Bank of Vietnam has announced the central exchange rate between the Vietnamese Dong (VND) and the US Dollar (USD) at 24,212 VND/USD, an increase of 18 VND compared to the previous day.
Commercial banks can trade in the range of 23,400 to 25,450 VND/USD.
The State Bank's exchange also applies this price for buying and selling transactions.
This morning, the USD price on the free market in Hanoi decreased, the trading price at 6:28 was 25,093 - 25,173 VND/USD, down 52 VND compared to the previous session.
Vietcombank has reduced the USD buying and selling prices to 24,355 - 24,725 VND/USD, down 105 VND.
BIDV also reduced the buying and selling price of USD, currently 24,390 - 24,730 VND/USD, down 110 VND.
Vietinbank reduced USD buying and selling prices to 24,220 - 24,720 VND/USD, down 100 VND.
Eximbank reduced the USD buying and selling price to 24,340 - 24,700 VND/USD, down 130 VND compared to the previous session.
USD exchange rate today in the world
The US Dollar Index (DXY), which measures the value of the US dollar against six other major currencies, edged up 0.09% to 101.72.
The US dollar was mixed in a volatile session after data showed US inflation rose in August, raising expectations that the Federal Reserve will cut interest rates by 25 basis points next week.
The US dollar fell in the previous trading session as investors predicted that Vice President Kamala Harris could beat Donald Trump in the US presidential election, following the televised debate on September 11.
The US consumer price index (CPI) rose 0.2% in August, the same as in July. In the 12 months through August, the CPI rose 2.5%, the lowest annual increase since February 2021 and down from July's 2.9% increase.
Ben McMillan from IDX Insights said that the new data reduced the likelihood of the Fed cutting interest rates by 50 basis points next week, and the market has already priced in a 50 basis point rate cut in September.
Vassili Serebriakov from UBS predicts that, given current inflation figures and the possibility of a 25 basis point Fed rate cut, the US dollar could rise in September but fall by the end of the year and in 2025.
An analyst at Goldman Sachs said that the upcoming interest rate cut by the US Federal Reserve (Fed) is unlikely to weaken the USD. The reason is that many other central banks are also cutting interest rates, which helps reduce pressure on the USD.
Historically, when central banks cut interest rates together, the dollar has strengthened, said Isabella Rosenberg, a currency analyst. She used data going back to 1995 to analyze the relationship between interest rate policy and the strength of the dollar.
Rosenberg stressed that if central banks cut rates at the same time, the dollar would not be affected much by the Fed's rate cut. Although the market expects the Fed to change policy quickly, other central banks could cut rates more aggressively if the Fed gives them the room to do so.
The Fed is expected to cut interest rates at its next meeting, after the European Central Bank (ECB), the Bank of England (BoE) and others have begun easing their monetary policies.
