Friday , April 12 2024

Dollar hits 6-week high against dong


The U.S. dollar hit a six-week high against the Vietnamese dong Thursday morning, continuing to its uptrend which began earlier this week.

Vietcombank sold the dollar at VND23,800 Thursday, up 0.13% from Wednesday and highest since December 26.

The state-owned lender has been keeping the exchange rate stable for several weeks but started to pump it up on Monday.

Eximbank sold the greenback at VND23,790, up 0.89%. The rate at Techcombank rose 0.13% to VND23,805.

The State Bank of Vietnam raised its reference rate up 0.01% to VND23,626.

The greenback is sold at VND23,625 on the black market, up 0.02%.

The dollar has gained over the dong by 0.29% since the beginning of the year.

Globally the U.S. dollar was little changed as investors looked ahead to next week’s U.S. inflation data and digested comments from a slew of Federal Reserve officials who said modest interest rate rises were on the way, Reuters reported.

The dollar index, which measures the U.S. currency against six rivals, was 0.029% higher on Thursday at 103.460, having dropped nearly 0.3% in the previous session.

OCBC currency strategist Christopher Wong said the pace of rebound in the dollar was showing tentative signs of moderation but the currency was still somewhat supported, because of comments from Fed speakers.

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