Dollar slides against dong

By Dat Nguyen   December 6, 2022 | 07:06 pm PT
Dollar slides 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 continues to slide against the dong at both banks and on the black market.

Vietcombank sold the dollar at VND24,140 Wednesday, down 0.17% from Tuesday.

The greenback weakened by 0.06% to VND24,260 at TPBank.

It stayed the same at Eximbank and Vietcombank.

The State Bank of Vietnam (SBV)’s lifted its reference rate up 0.01% to VND23,660.

The dollar is sold at VND24,430 on the black market, down 0.29%.

The dollar has gained over the dong by 5.32% since the beginning of the year.

The U.S. Dollar Index, which measures the greenback’s strength against major currencies, still hovers around a three-month low of 105 points.

Top bankers from JPMorgan Chase & Co, Bank of America and Goldman Sachs said overnight that the banks are bracing for a worsening economy next year, as inflation threatens consumer demand, which means the dollar could gain over major currencies, Reuters reported.

"We’ve been forecasting a recession in the U.S., the UK, the euro zone and Japan ... It’s part of our baseline," said Joseph Capurso, head of international and sustainable economics at Commonwealth Bank of Australia.

"(That) will provide more support to the U.S. dollar, as a safe-haven currency."

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