Dollar bounces back to two-week high

By Dat Nguyen   November 29, 2023 | 11:16 pm PT
Dollar bounces back to two-week high
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 Thursday morning to the highest since Nov. 16.

Vietcombank sold the dollar at VND24,430, up 0.18% from Wednesday.

The State Bank of Vietnam lowered its reference rate by 0.09% to VND23,891.

The dollar was unchanged at VND24,650 on the black market.

It has increased against the dong by 2.95% since the beginning of the year.

Globally, the dollar was rooted near a three-month low on Thursday and was set to post its steepest monthly decline in a year as investors ramped up bets that the Federal Reserve is done with rate hikes ahead of a crucial inflation report later in the day, Reuters reported.

The dollar index, which measures U.S. currency against six rivals, eased 0.058% to 102.74, not far from 102.46 - its lowest since Aug. 10 it touched on Wednesday.

The index is down 3.7% in November on growing expectations the Fed will cut interest rates in the first half of 2024.

The dollar clawed back some of its losses on Wednesday after data showed the U.S. economy grew faster in the third quarter than initially reported.

"I think it's still pretty much all about U.S. yields. And by extension FOMC policy," said Carol Kong, currency strategist at Commonwealth Bank of Australia.

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