Dollar plunges at banks

It dropped 0.20% to VND24,800 at Vietcombank, and 0.28% to VND24,770 at Eximbank.

The State Bank of Vietnam set the reference rate 0.01% lower at VND23,665.

The greenback is sold at VND24,960 on the black market, down 0.24%.

The Dollar Index, which measures the greenback’s strength against major currencies, hovers around 106, down from a 20-year high of 114.78 on September 28 on expectations that its rally may have been over stretched and as the Fed looks to slow its pace of rate increases.

Rising inflation and geopolitical tension have pushed the dollar up 8% over the dong by over 8% since the beginning of this year.