Dollar slips against dong

By Minh Hieu   July 25, 2024 | 10:56 pm PT
Dollar slips against dong
An employee counts U.S. banknotes at a bank in Hanoi. Photo by VnExpress/Giang Huy
The U.S. dollar weakened against the Vietnamese dong on the black market Friday morning.

Vietcombank sold the dollar at VND25,461, down 0.07% from Thursday.

The greenback rose 0.12% to VND25,870 at unofficial exchange points.

The State Bank of Vietnam (SBV)’s reference rate was down 0.07% to VND24,249.

The dollar has increased against the dong by 4.26% since the beginning of the year.

Globally, the yen was poised for its strongest week in nearly three months on Friday as traders unwound long-held bets against the frail currency ahead of crucial U.S. inflation data that could cement rate cut expectations, Reuters reported.

The yen was last at 153.66, set for a 2.5% rise for the week, its biggest weekly gain since late April-early May, as a global stocks sell-off also drove investors towards safe assets, including the yen.

The dollar index, which measures the U.S. unit versus six rivals, was little changed at 104.29. The euro was a tad stronger at $1.08575.

The dollar found its footing after data on Thursday showed the U.S. economy expanded faster than expected and inflation slowed in the second quarter.

The latest data underscored that the world's largest economy remained resilient even as inflation eased, spurring investor expectations that the U.S. central bank could engineer a soft landing for the economy.

 
 
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