Dollar strengthens against dong amid global gain

By Dat Nguyen August 30, 2024 | 08:35 pm PT

U.S. dollar banknotes are seen in this illustration taken July 17, 2022. Photo by Reuters

The U.S. dollar gained against the Vietnamese dong on the black market Saturday morning after rising globally Friday.

Unofficial exchange points sold the greenback 0.48% higher at VND25,350.

Vietcombank kept its rate unchanged at VND25,030.

The State Bank of Vietnam’s reference rate was stable at VND24,224.

The dollar has risen 2.41% against the dong since the beginning of the year.

Globally the U.S. dollar gained on Friday after data showed a key inflation measure came in line with forecasts, while personal spending and income increased, supporting expectations the Federal Reserve will likely cut interest rates by a smaller 25 basis points next month, instead of 50 bps, Reuters reported.

The dollar rose 0.8% to 146.09 yen after the inflation data, for its largest daily gain in two weeks. It was up 1.2% for the week, on track for its biggest weekly rise since mid-June.

The dollar index, a gauge of its value against six major peers, climbed to a 10-day high after the inflation data and was last up 0.3% at 101.7. On the week, it rose 1%, on track for its best weekly performance since early April.