Dollar inches up

Vietcombank sold the dollar at VND23,760 Wednesday, up 0.08% from Tuesday.

Techcombank raised its rate by 0.04% to VND23,755.

Eximbank maintained the greenback at VND23,730.

The State Bank of Vietnam raised its reference rate up 0.85% to VND23,819.

The dollar was sold at VND23,720 on the black market, down 0.13%.

It has gained over the dong by 0.13% since the beginning of the year.

Globally the dollar found support in Asia on Wednesday as investors dialled back expectations of U.S. rate cuts as fear of a banking crisis ebbed and another stubbornly high inflation print landed, Reuters reported.

In early trade, the dollar selling of the past two sessions had abated and the greenback rose about 0.2% on both the euro and yen. That carried it to 132.52 yen and $1.0729 against the common currency.

Overnight, banking stocks bounced and bonds and interest rate futures gave back some of the huge gains they logged following the collapse of three U.S. banks in a matter of days.

Rallies in sterling, Scandinavian currencies, the Australian dollar and the New Zealand dollar also seemed to lose steam - though without really giving back any ground.

"When all the dust clears I think we’ll end up with a dollar not being quite as strong and the flow of data will probably resume the centre stage," Westpac strategist Imre Speizer said.