Hanoi (VNA) - The State Bank of Vietnam set the daily reference exchange rate at 24,247 VND/USD on July 10, up 5 VND from the previous day.
With the current trading band of +/- 5%, the ceiling rate applicable for commercial banks during the day is 25,459 VND/USD and the floor rate 23,034 VND/USD.
At commercial banks, the opening-hour rates increased slightly.
At 8:40 am, Vietcombank listed the rates at 25,209 VND/USD (buying) and 25,459 VND/USD (selling), up 5 VND from July 9.
BIDV also lifted both rates by 5 VND, listing the buying rate at 25,239 VND/USD and the selling rate at 25,459 VND/USD./.
Exchange rate to ease in 2024
The likelihood of a soft landing of the US economy and the possibility that the Federal Reserve (Fed) will begin cutting interest rates which may drive the USD downward in 2024 will ease the inflationary pressure on the Vietnamese economy, according to experts.