Dollar dips further against dong

By Dat Nguyen   March 1, 2023 | 08:06 pm PT
Dollar dips further 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 continued to fall against the Vietnamese dong Thursday morning.

Vietcombank sold the dollar at VND23,895 Thursday, down 0.10% from Wednesday.

Eximbank kept the rate unchanged at VND23,890. Techcombank sold the dollar at VND23,905, same as Wednesday.

The State Bank of Vietnam adjusted reference rate down 0.02% to VND23,638.

The dollar is sold at VND23,850 on the black market, down 0.29%.

The dollar has gained over the dong by 0.70% since the beginning of the year.

Globally the dollar nursed losses on Thursday as optimism about China’s reopening was supported by encouraging data and underpinned Asian currencies, while sticky inflation had the euro eying its best week in a month and a half, Reuters reported.

The dollar lost 0.9% on the euro overnight, and since it moved lower despite U.S. yields rising some are speculating it might have peaked as February’s rally runs out of steam.

The euro is up 1.2% on the week and last bought $1.0667 with hotter-than-expected German inflation in February adding to pressure on the European Central Bank to raise rates following unexpectedly strong readings in France and Spain.

"The turn in the dollar came right on schedule as month end flows fizzled and the dominant driver of euro/dollar, rate differentials, reasserted itself," said Brent Donnelly, president of analytics firm Spectra Markets.

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