Dollar steadies against dong

By Dat Nguyen   January 30, 2023 | 12:30 am PT
Dollar steadies 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 dropped at several banks but gained at others marginally Monday afternoon.

Vietcombank sold the dollar at VND23,620, down 0.04% from Sunday.

The rate at Techcombank is VND23,622, down 0.10%.

Eximbank sold the greenback at VND23,590, up 0.08%.

The State Bank of Vietnam adjusted its reference rate up 0.01% to VND23,611.

The green held firm on the black market at VND23,540.

The dollar has fallen by 0.46% against the dong since the beginning of the year.

Globally the dollar distanced itself from an eight-month trough on Monday ahead of a slew of central bank meetings this week, though gains were capped by dovish repricing of the U.S. Federal Reserve's rate-hike expectations as compared to more hawkish counterparts, Reuters reported.

The U.S. dollar index, which measures the greenback against a basket of currencies, rose 0.03% to 101.92, after having hit an eight-month low of 101.50 last week.

It was on track for a fourth consecutive monthly loss of more than 1.5%, pressured by expectations that the Fed was nearing the end of its rate-hike cycle and that interest rates would not have to rise as high as previously feared.

The Fed is widely expected to deliver a 25 basis point rate hike - a down-shift from its 50bp and 75bp increases seen last year - while market watchers say the Bank of England and European Central Bank are likely to raise rates by 50bp each.

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