Key Points
- 01Dollar selling rate at Vietcombank set at VND26,040 on Oct. 23
- 02State Bank of Vietnam lowers dollar reference rate to VND25,627
- 03Unofficial market quotes the dollar around VND26,080 per unit
- 04Global dollar index (DXY) at 101.52 as yen hits one-month high
Dollar inches higher against dong in bank quotes
On October 23, the U.S. dollar edged up slightly against the Vietnamese dong in the official commercial banking market. Vietcombank sold the dollar at VND26,040 on Friday morning, a modest increase compared with the previous morning’s level. At the same time, the currency was quoted at around VND26,080 at unofficial exchange points, indicating a somewhat higher price outside the banking system.
At the start of the trading day, major commercial banks showed closely aligned rates. As of 8:05, Vietcombank and BIDV posted buying and selling prices for the dollar at VND25,660 and VND26,040 respectively. These quotations reflected only minor day‑to‑day adjustments in the banks’ posted prices.
State Bank of Vietnam reference rate moves lower
Alongside the small changes in commercial bank rates, the State Bank of Vietnam adjusted its central reference rate for the dollar. The authority set the reference rate at VND25,627 on October 23, a decline of VND5 from the previous day. That was a 0.02% reduction, underscoring that the move was incremental rather than large.
The combination of a lower reference rate and slightly softer posted buying prices at major banks contrasted with the stable selling rate of VND26,040 at Vietcombank and BIDV. This created a modest gap between the central reference level, commercial bank offers, and the higher quotes observed in the unofficial market near VND26,080, reflecting different pricing across segments of the foreign exchange market.
Global currency backdrop and dollar index levels
The local moves in the dong took place against a backdrop of shifting sentiment in global currency markets. The Japanese yen strengthened to its firmest level in more than a month on Friday, supported by demand for safe‑haven assets. A bout of risk aversion also pushed U.S. Treasury yields sharply lower, contributing to a softer overall tone for the dollar against major counterparts.
The dollar index (DXY), which tracks the U.S. currency against a basket of other major currencies, stood at 101.52. The index had touched 101.44 on Thursday, its lowest reading since the beginning of the month. These figures point to a weaker global dollar environment even as the currency moved only slightly against the Vietnamese dong, leaving domestic pricing changes relatively limited in scale.
Key Takeaways
- 01The dollar showed only marginal movements against the dong, with commercial bank selling rates stable while the reference rate edged lower.
- 02Differences between the State Bank’s reference rate, commercial bank quotes, and unofficial market levels highlight segmentation in Vietnam’s FX pricing.
- 03Global factors, including a stronger yen and lower U.S. yields, coincided with the local adjustments, framing the dong’s moves within a softer dollar backdrop.