Dollar climbs to near four-month high

By Dat Nguyen   February 22, 2024 | 11:51 pm PT
Dollar climbs to near four-month 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 Friday afternoon to the highest since Oct. 26.

Vietcombank sold the dollar at VND24,775 Friday, up 0.06% from Thursday.

The State Bank of Vietnam raised its reference rate by 0.06% to VND23,996.

The dollar was stable on the black market at VND25,220.

It has increased by 1.45% since the beginning of the year.

Globally the dollar index was down 0.03% at 103.95 Friday afternoon. It fell to 103.43 earlier on Thursday, the lowest since Feb. 2, Reuters reported.

The dollar is likely to benefit from divergences with other countries as the U.S. economy looks relatively stronger, said Noel Dixon, senior macro strategist at State Street Global Markets in Boston.

However, after the recent strength "there’s clearly some fatigue with some of the dollar bulls," he said. "For the dollar to break out one way or another we would need to see more data."

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