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USD climbs to new peak against dong

By Quynh Trang   September 21, 2022 | 09:09 pm PT
USD climbs to new peak against dong
An employee counts U.S. banknotes at a bank in Hanoi. Photo by VnExpress/Giang Huy
The dollar rose to a new high of 23,840 dong Thursday morning, having gained over 4% this year against the Vietnamese currency as the U.S. continues to hike rates.

State giants Vietcombank and BIDV sold the greenback at VND23,840, up 0.04% from Wednesday.

The State Bank of Vietnam (SBV) fixed its reference rate at VND23,316, up 0.64% from Wednesday and up 0.7% since the beginning of the year.

The USD Index, which measures the dollar against six major currencies, rose by 1.1% to 111.26 points Thursday morning, a 20-year high after the U.S. Federal Reserve increased its policy rates by 0.75% points for a third time in a row to control inflation.

The SBV has sold more than $20 billion from its reserves this year to steady the exchange rate, according to ACBS Securities, which said the reserves have fallen from $110 billion to below $90 billion.

 
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