Dollar inches up over dong

Vietcombank sold the dollar at VND24,440, up 0.12% from Sunday.

The State Bank of Vietnam (SBV)’s reference rate was stable at VND23,883.

The dollar rose 0.37% to VND24,740 on the black market.

It has increased against the dong by 2.99% since the beginning of the year.

Globally the yen dipped slightly on Monday as the Bank of Japan (BOJ) kicked off its two-day monetary policy meeting, with traders nervously awaiting a decision on whether the dovish central bank could finally unwind its ultra-loose monetary settings, Reuters reported.

In the broader market, currencies started the week on a cautious note after large swings last week mainly driven by a slew of central bank meetings, which included rate decisions from the Federal Reserve, the European Central Bank (ECB) and the Bank of England (BoE).

The yen fell 0.2% to 142.41 per dollar in early Asian trade, reversing some of the nearly 2% gain it made last week on the back of the dollar’s decline.

The greenback, which has for most of 2022 and 2023, drawn support from a slew of aggressive rate hikes from the Fed and expectations of higher-for-longer rates, tumbled roughly 1.3% against a basket of currencies last week in the wake of the Fed’s policy meeting.

The dollar index was last 0.05% lower at 102.57.