USD exchange rate today October 24, 2024: USD continues to increase rapidly
USD exchange rate today October 24, 2024: The State Bank announced the central exchange rate of the Vietnamese Dong against the USD increased by 10 VND, currently at 24,250 VND. The US Dollar Index (DXY) reached 104.42.
World USD exchange rate today
In the US market, the US Dollar Index (DXY) - measuring the strength of the USD against 6 major currencies (EUR, JPY, GBP, CAD, SEK, CHF) - increased 0.35% to 104.42.
The dollar broke above 153 against the Japanese yen for the first time in nearly three months, helped by the strength of the US economy and the divergence in the pace of interest rate cuts among major central banks.
The dollar is on a run of gains, posting its 16th gain in 18 sessions and its fourth straight weekly gain. Positive economic data from the US has reduced expectations of a sharp rate cut by the Fed, which has pushed up US Treasury yields.
The yield on the 10-year bond rose 3.4 basis points to 4.24%, after hitting a three-month high of 4.26%.
Investors are awaiting the US presidential election on November 5. The DXY index reached 104.57 at one point, its highest since July 30. The euro fell 0.18% to $1.0778, while the pound fell 0.49% to $1.2919.
Fed officials have recently indicated they will be cautious about cutting interest rates. The "Beige Book" released on October 23 showed the US economy was virtually unchanged from September to early October, along with hiring growth. Markets now expect the Fed to cut interest rates by 25 basis points at its November meeting.
Markets are pricing in an 88.9% chance the Fed will cut rates, and an 11.1% chance it will keep them unchanged, according to CME's FedWatch tool.
The US presidential election also affected the market, as investors expected Republican candidate Donald Trump to win and possibly bring tariff policies.
The Bank of Canada cut interest rates by 50 basis points to 3.75%. The Canadian dollar fell 0.14% to $1.38. European Central Bank (ECB) President Christine Lagarde stressed the need for caution in cutting interest rates.
ECB chief economist Philip Lane also said recent dismal economic data raised questions about the eurozone's outlook.
Domestic USD exchange rate today
The central exchange rate announced by the State Bank is 24,250 VND/USD, an increase of 10 VND compared to the previous rate. Commercial banks are allowed to trade at an exchange rate of 23,037 to 25,462 VND/USD.
At major banks such as Vietcombank, the USD exchange rate is listed at 25,190 - 25,462 VND/USD, an increase compared to yesterday. VietinBank is also listed at a similar rate of 25,220 - 25,462 VND/USD.
Surveying some private joint stock commercial banks, at Techcombank, the current USD buying/selling price is 25,160 - 25,462 VND/USD respectively.
At Eximbank, the USD/VND exchange rate in this morning's trading session was at 25,170 - 25,462 VND/USD.
In the free market, the USD/VND exchange rate this morning is 25,520 - 25,620 VND, higher than the exchange rate at the bank. The USD buying price in the free market is about 360 VND higher than the bank, and the selling price is about 158 VND higher.
ACB Bank believes that the strong increase in foreign currency demand from import and FDI enterprises, along with the increase in USD price in the world market, is the main reason for the increase in USD/VND exchange rate in October. However, as the exchange rate has approached the ceiling level of the State Bank, it is forecasted that the exchange rate will gradually decrease when the demand for foreign currency payments decreases at the end of the year.
