Dollar struggles to recover against dong

By Dat Nguyen September 23, 2025 | 11:25 pm PT

U.S. dollar banknotes are seen in this illustration taken May 4, 2025. Photo by Reuters

The U.S. dollar fell against the Vietnamese dong Wednesday morning, having gone down 0.44% since its historic peak achieved last month.

Vietcombank lowered its rate by 0.01% to VND26,445. The State Bank of Vietnam’s reference rate declined 0.01% to VND25,186.

On the black market the dollar fell 0.15% to VND26,590.

Globally the U.S. dollar edged up from its lowest level in close to a week on Wednesday, with traders expecting two more U.S. interest rate cuts this year, even after Federal Reserve Chair Jerome Powell struck a cautious tone on further easing overnight, Reuters reported.

The U.S. dollar index, which measures the currency against six major rivals, added 0.1% to 97.335, attempting to claw back some ground after two straight losing sessions that saw it touch the lowest since Thursday at 97.198 overnight.

The dollar had bounced back from the lowest level since early 2022 at 96.224 after the Fed's policy announcement and Powell's subsequent news conference, which fell short of the market's more dovish expectations following a sharp weakening of the labor market.