Dollar gains over dong

Vietcombank sold the greenback at VND26,339, a 0.05% increase from Thursday. On the black market, the currency rose 0.84% to around VND27,080.

The State Bank of Vietnam hiked its reference rate by 0.05% to VND25,085.

Globally, the dollar slid from multi-month highs this week as soaring energy prices upended the outlook for global interest rates, with the U.S. Federal Reserve left alone as the only major central bank that is not expected to hike rates this year, Reuters reported.

The dollar index was steady at 99.359, but was on track for a 1.1% weekly decline, its largest ⁠since late January. Still, many analysts think a prolonged decline is unlikely.

The euro, yen, sterling, Swiss franc and Australian dollar were all set for weekly gains against the greenback as policymakers laid the groundwork for higher interest rates in response to war in the Middle East choking oil and gas supplies.

The euro, marginally softer at $1.1569 in the Asia morning, is up 1.4% for the week. The yen, which steadied around 157.88, has gained 1.2% and sterling, hovering at $1.3422, is up a bit more than 1.5%.

The Australian dollar was trading just shy of 71 cents on Friday for a weekly gain of 1.5%, after the Reserve Bank ⁠of Australia hiked interest rates for the second time in as many months and investors expect there is more to come.