The State Bank of Vietnam on Tuesday set its reference exchange rate at a new high of VND25,617 per U.S. dollar.
With the current trading band of 5%, the ceiling rate applicable for commercial banks during the day is VND26,898, and the floor rate VND24,336.
The buying and selling rates at major commercial banks increased sharply. Vietcombank and BIDV listed the buying rate at VND25,800, up 27% from Monday.
Many domestic and international institutions are betting that the U.S. Federal Reserve will raise interest rates by another 25 basis points following its meetings on Tuesday and Wednesday, marking its first rate hike since 2023.
