Dollar continues to gain against dong

By Dat Nguyen December 20, 2024 | 05:00 am PT

A packet of U.S. five-dollar bills is inspected at the Bureau of Engraving and Printing in Washington March 26, 2015. Photo by Reuters

The U.S. dollar continued to strengthen against the Vietnamese dong Friday morning as it was set to close the week with a notable gain globally.

Vietcombank sold the greenback at VND25,540, up 0.08% from Thursday.

The State Bank of Vietnam kept its reference rate unchanged at VND24,324.

Unofficial exchange points sold the greenback 0.12% to VND25,750.

Globally the dollar was set to cap the week on a strong note on Friday as it notched a two-year high bolstered by a hawkish U.S. rate outlook, while the yen struggled to stay afloat as it again weakened to a new low, Reuters reported.

The greenback stayed on the front foot and rose to a two-year top against a basket of currencies at 108.53.

It was set to end the week with a 1.5% gain, underpinned by expectations that U.S. rates will stay higher for longer. Markets are now pricing in less than 40 bps of cuts for 2025.