Dollar tumbles against dong

By Minh Hieu April 10, 2025 | 07:41 pm PT

U.S. dollar and Vietnamese dong banknotes seen at a bank in Ho Chi Minh City. Photo by VnExpress/Anh Tu

The U.S. dollar weakened against the Vietnamese dong and major peers on Friday morning.

Vietcombank sold the U.S. currency at VND25,880, down 0.35% from Thursday. The greenback slid by 0.42% to VND26,120 on the black market.

The State Bank of Vietnam slashed its reference rate by 0.16% to VND24,923.

Globally, the dollar sank further on Friday, while a manic bond selloff took hold in a brutal end to the week of tit-for-tat worldwide tariffs that have fed fears of a deep recession and shaken investor confidence in U.S. assets, Reuters reported.

The anxiety has sparked a rush into safe havens, sending the Swiss franc soaring to a decade high against the dollar following U.S. President Donald Trump's move to temporarily lower tariffs on many countries.

The dollar sank to its lowest in 10 years against the Swiss franc and a six-month low against the yen. The euro surged 1.7% to $1.13855, a level last seen in February 2022.

The dollar index, which measures the greenback against six other units, fell below 100 for the first time since July 2023. The dollar's slide provided relief to some of the currencies in emerging markets, including the ringgit.