Dollar weakens marginally against dong

By Minh Hieu   June 18, 2024 | 09:08 pm PT
Dollar weakens marginally against dong
An employee counts U.S. banknotes at a bank in Ho Chi Minh City. Photo by VnExpress/Thanh Tung
The U.S. dollar declined slightly against the Vietnamese dong Wednesday morning.

Vietcombank sold the dollar at VND25,469, down 0.01% from Tuesday.

The greenback remained unchanged at 25,850 on the black market.

The State Bank of Vietnam (SBV)'s reference rate also fell 0,01% to VND24,257.

The dollar has increased against the dong by 4.29% since the beginning of the year.

Globally, the dollar was nursing losses on Wednesday after soft U.S. retail sales data reinforced bets of imminent Federal Reserve rate cuts, while sterling eased a touch ahead of a reading on UK inflation due later in the day, Reuters reported.

Figures released on Tuesday showed U.S. retail sales barely rose in May and data for the prior month was revised considerably lower, suggesting that economic activity remained lackluster in the second quarter.

That knocked the greenback lower in the immediate aftermath, though its losses were limited against a basket of currencies as the euro, which holds the largest weight in the dollar index, continues to be weighed down by political jitters in France and the wider bloc.

The euro was last marginally lower at $1.0738, while the dollar index steadied at 105.28.

Elsewhere, the yen was little changed at 157.89 per dollar, as it continues to be pressured by stark interest rate differentials between Japan and the U.S., in particular.

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