Dollar slides at most banks

By Dat Nguyen   December 14, 2022 | 08:25 pm PT
Dollar slides at most banks
An employee counts U.S. banknotes at a bank in Ho Chi Minh City. Photo by VnExpress/Thanh Tung
Most banks let the dollar slide Thursday as the central bank allow the dong to gain.

The dollar fell by 0.32% to VND23,668 at Vietinbank and by 0.21% to VND23,670 at Techcombank.

Eximbank sold the greenback at VND23,640, down 0.25%.

Vietcombank, however, sold it 0.13% higher at VND23,680.

The State Bank of Vietnam lowered its reference rate by 0.008% to VND23,652.

Unofficial exchange points sold the dollar at VND24,130, down 0.08%

The dollar has gained over the dong by 3.32% since the beginning of the year.

The dollar was on the back foot on Thursday, even as the Federal Reserve kept to its hawkish rhetoric after raising rates by half a percentage point, as investors were doubtful over how much the central bank would commit to putting the brakes on growth to curb inflation, Reuters reported.

Against the dollar, the pound and the euro hovered near their six-month highs in early Asia trade on Thursday, after having touched those levels in the previous session.

Against a basket of currencies, the U.S. dollar index was last 0.02% higher at 103.68, after touching a six-month low in the previous session.

"The Fed does not want financial conditions to ease, but increasingly investors are saying: we hear what you are saying and we know what you want, but we don’t believe you," said Christian Hoffmann, portfolio manager and managing director at Santa Fe, New Mexico-based Thornburg Investment Management.

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