Dollar advances to new record against dong

By Dat Nguyen October 20, 2022 | 12:10 am PT

Four thousand U.S. dollars are counted out by a banker counting currency at a bank in Westminster, Colorado November 3, 2009. Photo by Reuters/Rick Wilking

The U.S. dollar has risen 0.08% over the Vietnamese dong Thursday to VND24,650 at Vietcombank, a new peak.

This was its 11th gaining session in a row, and the dong has depreciated by 7.5% since the beginning of the year.

Eximbank sold the dollar 0.41% higher at VND24,660, while VPBank hiked the rate by 0.12% to VND24,680.

The State Bank of Vietnam (SBV) set the reference rate 0.19% higher at VND23,682.

The U.S. Dollar Index, which measures the greenback’s strength against six major currencies, hovers around the 20-year high level at 110 points.

Vietnam foreign exchange reserves has declined by around 20% so far this year as the central bank sells its dollars to keep the exchange rate stable.