Dollar hits 1.5-year low against dong

Vietcombank sold the greenback at VND25,930, down 0.12% from Tuesday to its lowest level since mid-April 2025. The US currency has weakened by 1.7% against the dong in the year to date.

At unofficial exchange points, it slipped 0.27% to around VND26,080 on Wednesday.

The State Bank of Vietnam lowered its reference rate by 0.01% to VND25,627.

Globally, the dollar fell sharply against major currencies on Wednesday as early results from the US midterm elections showed Democrats making strong gains in their attempt to wrest control of Congress from President Donald Trump's Republicans, Reuters reported.

The immediate market reaction ‌from investors was to sell stocks, rush out of the US dollar and seek safety in Treasuries.

The dollar index, which measures the greenback against a basket of six currencies, fell 0.3% to 101.4. The euro firmed 0.5% to $1.1249, while the yen strengthened 0.7% to 157.63 per US dollar.

Against the Swiss franc, the dollar weakened 0.9% to 0.8133. Sterling rose 0.4% to $1.3460.

An employee holds U.S. banknotes at a bank in Ho Chi Minh City. Photo by VnExpress/Thanh Tung

"The US dollar could sell off further from here, because a Democratic sweep would limit government spending over Trump's term," said Carol Kong, currency strategist at Commonwealth Bank of Australia.

Kong said investors were also watching the risk of an escalation in the Middle East depending on the election outcome.

"If he (Trump) does ramp up the aggression in ‌the ⁠conflict, then we could see oil prices jump sharply higher, and that will support the US dollar."