US dollar drops below VND24,000 on Vietnam free market

The buying-selling prices of the U.S. dollar in Vietnam plunged Tuesday, even below the VND24,000 milestone on the free market, after the central bank reduced the central exchange rate by VND2 to VND23,624.

Commercial banks can set their exchange rates between VND24,805 and VND22,442, per the State Bank of Vietnam’s trading band of +-5%.

On the free market, the buying and selling prices of the greenback were VND23,870 and VND23,970 on Tuesday afternoon, down by VND10 for the day, far below the peak reached of about VND25,500 on November 1.

At state-controlled Vietcombank, one of the country's "Big 4", Tuesday’s buying and selling rates were VND23,400 and VND23,430 per U.S. dollar respectively at 4:30 p.m., lower than the VND23,450 and VND23,480 recorded on Monday.

VietinBank, another of the “Big 4”, had corresponding figures of VND23,400 and VND23,800 at the same time, up from VND23,395 and VND23,795 the day before.

BIDV, also a “Big 4” bank, had buying and selling rates of VND23,460 and VND23,740, down from VND23,480 and VND23,760 on Monday, respectively.

The figures at Techcombank, a private lender, were VND23,439 and VND23,760, down from VND23,454 and VND23,775 a day earlier.

On the global market, the U.S. dollar index declined 0.32% to 103.99 points on Tuesday noon (Vietnam time).