Dollar falls as consumer spending rises

By Dat Nguyen   December 1, 2022 | 08:07 pm PT
Dollar falls as consumer spending rises
An employee counts U.S. banknotes at a bank in Hanoi. Photo by VnExpress/Giang Huy
The U.S. dollar continued to fall against the Vietnamese dong Friday as it depreciates globally amid moderated inflation and rising consumer spending in the U.S.

Vietcombank sold the dollar at VND24,600 Friday, down 0.16% from Thursday, lowest since October 19.

Eximbank sold the greenback at VND24,520, down 0.49%.

The rate at Techcombank is VND24,550, down 0.47%, and at HSBC is 24,540, down 0.49%.

The State Bank of Vietnam (SBV)’s reference rate is at VND23,660, down 0.01%.

Unofficial exchange points sold the greenback at VND24,730, down 0.48%.

The U.S. Dollar Index, which measures the greenback’s strength against major currencies, dipped to 16-week lows against a basket of major currencies after data showed that U.S. consumer spending increased solidly in October, while inflation moderated, adding to expectations that the Federal Reserve is closer to reaching a peak in interest rates, Reuters reported.

The dollar has gained over the dong by 7.33% since the beginning of the year.

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