Dollar drops against dong

By Dat Nguyen   March 29, 2023 | 12:08 am PT
The U.S. dollar fell marginally against the Vietnamese dong Wednesday afternoon.

Vietcombank sold the dollar at VND23,650 Wednesday, down 0.04% from Tuesday. The rate is now hovering at the lowest in seven weeks.

Techcombank let the greenback slide 0.05% to VND23,667.

Eximbank maintained the dollar at VND23,670.

The State Bank of Vietnam has lowered its reference rate by 0.01% to VND23,603.

The dollar was sold at VND23,550 on the black market, same as Tuesday.

It has fell against the dong by 0.34% since the beginning of the year.

Globally the safe-haven U.S. dollar struggled to find its footing on Wednesday following two days of losses as global financial markets regained a measure of stability on hopes a full-blown banking crisis can be averted, Reuters reported.

The dollar index, which tracks the currency against six major peers, edged 0.08% higher to 102.57 in Asian trading, following drops of about 0.3% in each of the past two sessions. The weakness comes despite a rise in U.S. Treasury yields, also the result of ebbing demand for the safest assets.

The yen remained volatile in the run-up to the end of the Japanese fiscal year on Friday. The dollar jumped 0.59% to 131.68 yen, and touched a one-week high of 131.80.

The yen had dropped 0.5% the previous day, when it uncharacteristically moved in the opposite direction with long-term U.S. Treasury yields.

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