Dollar steps up against dong

By Dat Nguyen   May 24, 2024 | 05:59 am PT
Dollar steps up against dong
An employee counts U.S. banknotes at a bank in Hanoi. Photo by VnExpress/Giang Huy
The U.S. dollar gained marginally against the Vietnamese dong Friday afternoon.

Vietcombank sold the dollar at VND25,477, up 0.03% from Thursday.

The State Bank of Vietnam kept its reference rate stable at VND24,245.

The dollar went up 0.12% to VND25,770 on the black market.

It has increased against the dong by 4.33% since the beginning of the year.

Globally the dollar headed for its largest weekly rise in a month-and-a-half on Friday as surprisingly strong U.S. economic data has left markets on edge about the outlook for U.S. inflation and interest rates, Reuters reported.

May figures showed U.S. business activity accelerated to the highest level in just over two years and manufacturers reported surging input prices, prompting a pullback in U.S. interest rate cut expectations and a rise in government bond yields.

The dollar is up almost 1% this week on the Japanese yen to 157.11 yen, even though Japanese government bond yields have climbed too, scaling decade highs and clearing 1% at the 10-year tenor.

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