Dollar hits 7-week low

By Dat Nguyen   March 28, 2023 | 02:35 am PT
The U.S. dollar dropped against the Vietnamese dong Tuesday afternoon to the lowest since Feb. 6.

Vietcombank sold the dollar at VND23,660, down 0.08% from Monday.

Techcombank lowered its rate by 0.02% to VND23,680. Eximbank maintained the greenback at VND23,670.

The State Bank of Vietnam set its reference rate up 0.01% at VND23,605.

The dollar remained stable on the black market at VND23,550.

The dollar depreciated against the dong by 0.29% since the beginning of the year.

Globally the U.S. dollar fell on Tuesday as receding fears of a full-blown banking crisis slowed demand for so-called safe haven assets, Reuters reported.

But the yen rallied, despite traditionally also being a safe haven, with analysts pointing to a pick-up in flows ahead of the end of Japan's fiscal year on Friday.

The dollar fell as low as 130.51 yen, and was last off 0.29% at 131.2 as the Japanese currency rose. That undid some of the dollar's 0.64% jump against the yen in the previous session, which tracked a large rise U.S. government bond yields.


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