Sunday , June 23 2024

Dollar gains against dong for 10th day in a row

The U.S. dollar has appreciated against the Vietnamese dong for 10 straight days, one of the longest such streaks.

The dong fell by 0.6% to a record 24,511 to the dollar Wednesday, data from Bloomberg shows, after the central bank widened the daily currency trading band from 3% to 5%.

Bloomberg said the Vietnamese currency is set for its longest stretch of losses since June 2008.

The dong has depreciated by around 7.4% this year, according to Vietcombank data.

The State Bank of Vietnam has spent US$23 billion from its reserves defending the currency this year, reducing them to $90 billion, according to an estimate by Malayan Banking Bhd.

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