Monday , June 17 2024

Dollar falls against dong

The U.S. dollar dropped against the Vietnamese dong Wednesday at both banks and unofficial exchange points.

Vietcombank sold the dollar at VND23,860 Wednesday, down 0.08% from Tuesday.

Eximbank sold the greenback at VND23,840, down 0.29%.

The rate at Techcombank is VND23,860, down 0.21%, and at ACB is VND24,000, down 0.41%.

The State Bank of Vietnam (SBV)’s reference rate is at VND23,641, down 0.01%.

The greenback is sold at VND24,100 on the black market, down 0.33%.

The dollar has increased against the dong by 4.1% since the beginning of the year.

The dollar index edged up 0.1%, after falling in last session, as the yen jumped after the Bank of Japan stunned markets with a surprise policy tweak, Reuters reported.

Last week, Federal Reserve Chair Jerome Powell said the U.S. central bank will deliver more rate hikes next year, even as the economy slips towards a possible recession.

Rate hikes typically weigh on gold but as we enter into late cycle of Fed tightening, gold can recover, said OCBC FX strategist Christopher Wong.

“However, a more material recovery in prices would require more than just a calibration in Fed tightening, probably need the Fed to pause and perhaps cut rates.”

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