Dollar dips against dong, hovers near 3-month high globally

By Minh Hieu October 29, 2024 | 09:09 pm PT

An employee counts U.S. banknotes at a bank in Hanoi. Photo by VnExpress/Giang Huy

The U.S. dollar weakened against the Vietnamese dong Wednesday morning but held firm near its three-month peak globally.

Vietcombank sold the dollar at VND25,458, down 0.02% from the weekend.

The greenback slid 0.15% to VND25,780 on the black market.

The State Bank of Vietnam lowered its reference rate by 0.02% to VND24,246.

Since the beginning of the year, the dollar has increased by 4.25% against the dong.

Globally, the dollar hovered close to a three-month peak on Wednesday in a big week for macroeconomic data that could reveal the path for U.S. monetary policy, Reuters reported.

"The U.S. dollar continues to garner strong support as markets adjust their rate path expectations," said James Kniveton, senior corporate FX dealer at Convera.

The U.S. dollar index, which measures the currency against six major rivals including the yen and euro, was little changed at 104.24, after reaching the highest since July 30 at 104.63 on Tuesday before finishing the day almost flat.

The dollar-yen pair, which tends to track U.S. yields closely, slipped 0.06% to 153.27, after retreating from a three-month peak of 153.87 on Tuesday.

The euro edged up 0.06% to $1.0824 ahead of the release of readings on gross domestic product across Europe later in the day.

Sterling traded flat at $1.3016 ahead of the Labour government's first budget on Wednesday.

The one-month non-deliverable forward indicated the rupee will open flat to marginally higher than its close of 84.0750 per U.S. dollar in the previous session.