Dollar advances over dong

By Dat Nguyen   August 8, 2023 | 08:41 pm PT
Dollar advances over dong
An employee counts U.S. banknotes at a bank in Ho Chi Minh City. Photo by VnExpress/Thanh Tung
The U.S. dollar rose against the Vietnamese dong Wednesday morning.

The Vietcombank sold the dollar at VND23,910, up 0.06% from Tuesday.

The State Bank of Vietnam raised its reference rate by 0.08% to VND23,821.

The greenback was stable at VND23,800 on the black market.

It has increased over the dong by 0.76% since the beginning of the year.

The dollar remained on the front foot in Asia on Wednesday, holding on to overnight gains against major peers as investors sought the safety of the currency amid risks from a floundering Chinese economy and downgrades for U.S. banks, Reuters reported.

The U.S. dollar index - which measures the currency against the euro, yen and four other counterparts - was little changed at 102.50 in the Asian morning, following a 0.47% rise in the previous session.

The dollar eased 0.12% to 7.2274 yuan in offshore trading after the People’s Bank of China set the midpoint rate for onshore trading at 7.1588, much stronger than the Reuters estimate of 7.2198.

The Aussie, which often acts as a proxy for China’s economic outlook, was about flat at $0.6543, after dipping on Tuesday to the lowest since June 1 at $0.6497.

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