Dollar plummets to 4-month low against dong

Vietcombank sold the greenback at VND25,080, down 0.32% from Monday.

The State Bank of Vietnam’s reference rate was at VND24,251, down 0.04%.

The dollar went up 0.08% to VND25,420 on the black market.

It has risen 2.62% against the dong since the beginning of the year.

Globally the dollar wobbled near a seven-month low on Tuesday on bets the U.S. central bank will start cutting interest rates from next month, with traders bracing for comments from Federal Reserve Chair Jerome Powell on Friday, Reuters reported.

The dollar index, which measures the U.S. currency against six rivals, was last at 101.86 after touching its lowest since Jan. 2 of 101.76 earlier on Tuesday. The index is down more than 2% in August and set for a second month in the red.

The euro last fetched $1.1077 on Tuesday having touched $1.1087, its highest since Dec. 28 in early trading. The single currency is up 2.4% this month, on course for its strongest monthly performance since November.