Dollar retreats to 3-month low against dong

By Dat Nguyen December 9, 2022 | 01:27 am PT

An employee counts U.S. banknotes at a bank in Ho Chi Minh City. Photo by VnExpress/Thanh Tung

The U.S. dollar plunged against the Vietnamese dong at banks on Friday to the lowest since early September, continuing its depreciation since last week.

Vietcombank sold it at VND23,640, down 1% from Thursday.

TPBank let the greenback slide by 0.94% to VND23,800, while the rate at Techcombank was 0.82% lower at VND23,730.

The State Bank of Vietnam let its reference rate dropped by 0.008% to VND23,657.

Unofficial exchange points sold the dollar at VND24,231, down 0.77%.

The dollar has gained over the dong by 3.14% since the beginning of the year.

The U.S. Dollar Index, which measures the greenback’s strength against major currencies, however around 104 points, lowest since June.

The dollar is retreating as worries over a slowdown in the U.S. mounted, with traders on guard ahead of a slew of central bank meetings next week, with the Federal Reserve taking centre stage, Reuters reported.