Dollar slips against dong

By Minh Hieu   July 7, 2024 | 08:58 pm PT
Dollar slips against dong
An employee counts U.S. banknotes at a bank in Ho Chi Minh City. Photo by VnExpress/Thanh Tung
The U.S. dollar fell against the Vietnamese dong on Monday morning.

Vietcombank sold the dollar at VND25,455, down 0.01% from the weekend.

The State Bank of Vietnam (SBV) lowered its reference rate by the same percentage to VND24,243.

The greenback slid 0.04% to VND25,880 on the black market.

It has increased against the dong by 4.24% since the beginning of the year.

Globally, the euro slipped on Monday after projections from France's election pointed to a hung parliament amid an unexpectedly strong showing for a left-wing alliance, spawning fresh uncertainty over the country's fiscal outlook, Reuters reported.

The dollar remained on the back foot following surprisingly soft U.S. payrolls data on Friday, which boosted bets for the Federal Reserve to start cutting interest rates as early as September.

The euro was 0.06% lower at $1.0827, and earlier slid as much as 0.4% as investors weighed the consequences of a hung French parliament.

The dollar index, which measures the U.S. currency against the euro, sterling, yen and three other major rivals, was flat at 104.97, licking its wounds after a 0.9% slump last week, exacerbated by Friday's softer U.S. jobs market reading.

The dollar slipped 0.07% to 160.70 yen, down from as high as 161.96 on Wednesday.

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