USD exchange rate today October 28, 2024: USD continues to grow

World USD exchange rate

The Dollar Index (DXY), which measures the USD against six major currencies (EUR, JPY, GBP, CAD, SEK, CHF), stopped at 104.39 points, up 0.13 points compared to the transaction on October 27, 2024.

In the international market, the DXY index increased by 0.93 points after 1 week, recording 104.39 points. This is the 4th consecutive week that the index has increased, reaching the highest level in more than 3 months.

The US dollar has extended its rally in recent days as market expectations for a victory by former President Donald Trump have grown. If Trump wins and raises tariffs, it will put upward pressure on inflation. Higher inflation could lead to a slower pace of interest rate cuts from the US Federal Reserve.

In 2024, the USD will see a significant decline against many major currencies in the world due to the forecast of the first interest rate cut by the US Federal Reserve (Fed) since the Covid-19 pandemic. This interest rate cut will take place in September 2024 with a reduction of 0.5 percentage points. Lower interest rates may reduce the attractiveness of the USD compared to other currencies, especially in economies with higher interest rates.

The US Treasury yield has support in the 4.20% - 4.17% range, which could rise to the 4.40% - 4.45% range in the coming weeks. The price action will need to be closely watched thereafter. The market expects the yield to reverse lower from the 4.40% - 4.45% resistance range.

The British pound fell to its lowest level this year due to economic uncertainty and high inflation in the country.

The EUR/USD index fell below the 1.08 support level last week. The currency hit a low of 1.0761 and has recovered slightly since then. Investors can expect a fresh decline in the EUR from the 1.09-1.0950 range to 1.07-1.06 in the short term.

Domestic USD exchange rate today

Opening the trading session today, October 28, the State Bank announced the central exchange rate of the Vietnamese Dong, remaining stable at 24,255 VND.

The reference USD exchange rate at the State Bank's transaction office is currently at 23,400 - 25,450 VND.

The USD/VND exchange rate on the free market also increased by 440 VND/USD in both directions, to 25,700-25,800 VND/USD (buy - sell). This is also the 5th week that the free market exchange rate has increased, with a total increase of 800 VND/USD in both directions.

Currently, the permitted exchange rate of commercial banks fluctuates from 23,400 - 25,450 VND/USD. The USD exchange rate has also been brought to the buying and selling range of 23,400 to 25,450 VND/USD by the State Bank of Vietnam.

The USD exchange rate at Vietcombank is currently at 25,167 - 25,467 VND. The current USD buying and selling prices range from 24,000 - 25,500 VND/USD.

The EUR exchange rate at the State Bank's buying and selling exchange center decreased slightly, currently at: 24,937 VND - 27,562 VND.

The Japanese Yen exchange rate at the State Bank's exchange office increased slightly, currently at: 152 VND - 168 VND.