Dollar slides against dong

By Minh Hieu December 10, 2024 | 09:00 pm PT

U.S. one hundred dollar notes are seen in this picture illustration taken in Seoul, Feb. 7, 2011. Photo by Reuters

The U.S. dollar weakened against the Vietnamese dong Wednesday morning while trading at an all-time high against the Indian rupee.

Vietcombank sold the dollar at VND25,465, down 0.02% from Tuesday. The greenback slid 0.04% to VND25,650 on the black market.

The State Bank of Vietnam lowered its reference rate by 0.02% to VND24,253. The dollar has risen against the dong by 4.28% since the beginning of the year.

Globally, the dollar traded close to a two-week high versus the yen on Wednesday ahead of a highly anticipated reading of U.S. inflation that could provide clues on the pace of Federal Reserve interest rate cuts, Reuters reported.

The Indian rupee weakened to its all-time low, pressured by heightened dollar bids in the non-deliverable forwards market, while likely intervention by the Reserve Bank of India helped limit losses, traders said.

The rupee fell to 84.86 in early trading, eclipsing its previous record low of 84.8575 hit on Tuesday.

The dollar eased 0.12% to 151.80 yen, but remained close to the overnight peak of 152.18 yen, its strongest level since Nov. 27.

The dollar index, which measures the currency against the yen and five other major peers, was steady at 106.36, after rising to a one-week high of 106.63 in the previous session.

The euro was steady at $1.052975. Sterling was little changed at $1.2777.