Dollar Fluctuates Amid Tariff Concerns; central Bank Adjusts Rate
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HANOI, Vietnam – The Vietnamese Dong experienced adjustments against the U.S. dollar as global markets reacted too volatile trading influenced by tariff announcements. The State Bank of Vietnam set the daily reference rate at 24,886 VND per U.S. dollar, an increase of 43 VND this week.
Global Context: A Week of uncertainty
The U.S. Dollar Index (DXY), which measures the dollar’s strength against six major currencies, closed the week at 102.89, down 1.11%.
Early in the week, the dollar saw a slight increase amid concerns over potential U.S.tariff policies. Safe-haven currencies like the Japanese Yen initially rose before retreating, while gold prices climbed as investors sought less risky assets.
Economic data released early in the week revealed a contraction in the U.S. manufacturing sector and a softening labour market. The number of job openings fell to 7.568 million in February, according to the U.S. Labor Department.
Mid-week, the dollar index sharply declined following announcements regarding new tariffs. The proposed tariffs included a base tax rate on imports to the U.S., with higher rates for specific trading partners. Details of these tariffs, including rates applied to various countries, were presented, showing a range from 10% to 49% depending on the country.
Investor concerns about the potential impact of these tariff policies on global trade and economic growth led to a further drop in the dollar. This announcement sent ripples through global markets, causing declines in stock markets and prompting investors to seek safer assets.
The dollar recovered some ground at the end of the week after Federal Reserve Chairman Jerome powell acknowledged the potential impacts of the U.S. tariff policies. powell noted that tariffs could lead to higher inflation and slower economic growth,creating challenges for monetary policy decisions. his comments followed the release of data showing a rise of 228,000 in non-farm payrolls last month, exceeding expectations.
Domestic Exchange Rates
Here are the current exchange rates for USD, EUR, and JPY at major Vietnamese commercial banks:
U.S. Dollar (USD)
| Bank | Buying Rate (VND) | Selling Rate (VND) |
|---|---|---|
| Vietcombank | 25,570 | 25,960 |
| VietinBank | 25,620 | 25,980 |
| BIDV | 25,600 | 25,960 |
Euro (EUR)
The reference exchange rate at the State Bank Transaction Office is currently: 25,151 VND - 28,908 VND.
| Bank | Buying Rate (VND) | Selling Rate (VND) |
|---|---|---|
| Vietcombank | 27,594 | 29,106 |
| VietinBank | 28,059 | 29,259 |
| BIDV | 27,898 | 29,138 |
Japanese Yen (JPY)
The Japanese Yen exchange rate at the State Bank exchange office has increased slightly,currently to: 162 VND - 179 VND.
| Bank | Buying Rate (VND) | Selling rate (VND) |
|---|---|---|
| Vietcombank | 169.90 | 180.70 |
| VietinBank | 174.75 | 182.75 |
| BIDV | 172.79 | 180.80 |
Vietnam Dong Exchange Rates Fluctuate Against USD, EUR, and JPY
HANOI (AP) — The state Bank of Vietnam set the daily reference rate for the Vietnamese dong (VND) against the U.S. dollar at 24,886 VND on april 6, reflecting a 43 VND increase from the previous week.
Global USD Trends Impacting Vietnam
The U.S. Dollar Index (DXY), which tracks the dollar’s performance against six major currencies, decreased by 1.11% over the past week, settling at 102.89.
Early in the week, the USD initially gained, rising 0.14% to 104.18 amid concerns about potential U.S. tariff policies. Concurrently, the Japanese yen, often seen as a safe-haven currency, strengthened before retracing its gains.Gold prices also saw an uptick as investors sought less risky assets, anticipating potential tariffs that could cloud the outlook for inflation and economic growth in the United states.
On April 2, the USD saw a marginal increase of 0.01%, reaching 104.20, following U.S. economic data indicating weakness in both the manufacturing and labor sectors ahead of tariff announcements. The U.S. manufacturing sector contracted in March after two consecutive months of expansion. A separate report from the U.S. Labor Department revealed that job openings decreased to 7.568 million in February.
However, on April 3, the DXY index experienced a sharp decline of 0.57%, falling to 103.69, after announcements regarding new tariffs.The U.S. is reportedly considering a base tax rate of 10% on all imports into the country, with potentially higher rates for specific trading partners.Details regarding specific tax rates for individual economies, ranging from 10% to 49%, were alluded to, with the UK, Brazil, and Singapore potentially facing a 10% tax. The European union, Malaysia, Japan, South Korea, and India could face rates between 20% and 26%. China and Vietnam were mentioned among the countries potentially subject to the highest tax rates, at 34% and 46% respectively.
By April 4, the USD further declined by 1.87% to 101.94 as investors reacted to the potential impact of the tariff policies on global trade and economic growth. The announcement of these tariffs triggered market volatility, leading to declines in global stocks and a shift towards safer currencies, bonds, and gold, driven by concerns about a potential global economic slowdown and rising inflation.
The USD recovered slightly towards the end of the week,gaining 0.82% to close at 102.89. Federal Reserve Chairman jerome Powell acknowledged the potential impacts of the U.S. tariff policies, signaling caution regarding future monetary policy easing. Powell stated that tariffs increase the risk of higher inflation and slower growth,highlighting challenges for policymakers at the U.S. central bank. His comments followed the release of data showing non-farm payrolls increased by 228,000 jobs last month,exceeding expectations. the unemployment rate edged up to 4.2% from 4.1%.
Exchange Rates at Commercial Banks
Here are the buying and selling rates for USD, EUR, and JPY at several major commercial banks in Vietnam as of April 6:
USD Exchange rates
The State Bank of Vietnam’s reference exchange rate for USD is currently between 23,692 VND and 26,080 VND.
| Bank | Buying Rate (VND) | Selling Rate (VND) |
|---|---|---|
| Vietcombank | 25,570 | 25,960 |
| vietinbank | 25,620 | 25,980 |
| BIDV | 25,600 | 25,960 |
EUR Exchange Rates
The State Bank of Vietnam‘s reference exchange rate for EUR is currently between 25,151 VND and 28,908 VND.
| Bank | Buying Rate (VND) | Selling Rate (VND) |
|---|---|---|
| Vietcombank | 27,594 | 29,106 |
| VietinBank | 28,059 | 29,259 |
| BIDV | 27,898 | 29,138 |
JPY Exchange Rates
The State Bank of Vietnam’s reference exchange rate for JPY is currently between 162 VND and 179 VND.
| Bank | Buying Rate (VND) | Selling Rate (VND) |
|---|---|---|
| Vietcombank | 169.90 | 180.70 |
| VietinBank | 174.75 | 182.75 |
| BIDV | 172.79 | 180.80 |
Vietnam Currency Exchange Rates Show mixed Movement
HANOI,Vietnam (April 6,2025) – currency exchange rates in Vietnam are showing slight fluctuations,according to recent data. The State Bank’s buying and selling rate for the Euro (EUR) has seen a minor increase.
Euro Exchange Rates
The State Bank’s EUR exchange rate is currently listed between 25,151 VND and 28,908 VND. Here’s a look at EUR rates at several commercial banks:
| Bank | Buying (VND) | Selling (VND) |
|---|---|---|
| Vietcombank | 27,594 | 29,106 |
| banque Vietnamienne | 28,059 | 29,259 |
| BIDV | 27,898 | 29,138 |
Japanese Yen Exchange Rates
Similarly, the Japanese Yen (JPY) exchange rate at the State Bank has experienced a slight uptick, ranging from 162 VND to 179 VND. Current JPY rates at commercial banks are as follows:
| Bank | Buying (VND) | Selling (VND) |
|---|---|---|
| Vietcombank | 169.90 | 180.70 |
| Banque Vietnamienne | 174.75 | 182.75 |
| BIDV | 172.79 | 180.80 |
U.S.Dollar exchange Rates
Here’s a look at USD rates at several commercial banks:
| Bank | Buying (VND) | Selling (VND) |
|---|---|---|
| Vietcombank | 25,570 | 25,960 |
| Banque Vietnamienne | 25,620 | 25,980 |
| BIDV | 25,600 | 25,960 |
These rates provide a snapshot of the current currency exchange environment in Vietnam. Market watchers continue to monitor these fluctuations for potential impacts on trade and the economy.
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HANOI, Vietnam – Stay informed on the latest movements in the Vietnam Dong (VND) exchange rates. This report, current as of April 6, 2025, provides a comprehensive overview of VND’s performance against key currencies like the U.S. dollar (USD), Euro (EUR), and Japanese Yen (JPY).
What is the State Bank of Vietnam’s Daily Reference Rate for the VND?
The State Bank of Vietnam plays a crucial role setting the daily reference rate for the Vietnamese Dong. As of April 6, 2025, the reference rate was set at 24,886 VND per 1 USD, reflecting an increase of 43 VND from the previous week. This reference rate helps to guide commercial banks and the wider market.
How Has the U.S. Dollar (USD) Performed Globally?
Understanding the global context of USD is crucial when assessing the VND’s movements. The U.S. Dollar Index (DXY),which gauges the dollar’s strength against a basket of six major currencies,decreased by 1.11% over the past week, closing at 102.89. This indicates a weakening of the USD.
What Factors Are Driving These Fluctuations?
Several factors have contributed to the recent volatility of the U.S.dollar and, consequently, the VND.These include:
- U.S.Tariff Concerns: Announcements regarding potential U.S. tariff policies had a critically important impact. Early in the week, concerns initially caused the USD to strengthen, the Japanese Yen strengthens and Gold prices increased. Mid-week, the USD declined sharply after announcements of these new tariff policies.
- Economic Data: Early in the week, the U.S. manufacturing sector contracted and a softening labor market also put pressure on the USD. Later in the week, the release of stronger payroll data triggered a slight recovery.
- Federal Reserve Comments: federal Reserve Chairman Jerome Powell acknowledged that tariffs could lead to higher inflation and slower economic growth, leading to a slight recovery.
