Dollar climbs up against dong

By Dat Nguyen   April 14, 2023 | 02:54 am PT
Dollar climbs up against dong
An employee counts Vietnamese banknotes at a bank in Hanoi. Photo by VnExpress/Giang Huy
The U.S. dollar rose against the Vietnamese dong Friday afternoon at banks.

Vietcombank sold the dollar at VND23,620, up 0.04% from Thursday.

Eximbank sold the greenback at VND23,600, up 0.04%.

The rate at Techcombank remained at VND23,617.

The State Bank of Vietnam lowered its reference rate down 0.08% to VND23,588.

Unofficial exchange points kept the greenback unchanged at VND23,450.

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

Globally the dollar headed for its longest stretch of weekly losses in almost three years on Friday, as traders ramped up expectations of an imminent end to the U.S. Federal Reserve's rate-hike cycle following signs inflation may be cooling, Reuters reported.

Data on Thursday showed U.S. wholesale prices, as measured by the producer price index (PPI), fell by the most in nearly three years last month, a day after data showed the consumer index was also softening as expected.

The dollar index, which measures the performance of the U.S. currency against six others, slid to a roughly one-year low of 100.78.

It was last down 0.1% at 100.90, and was headed for a weekly decline of more than 1%, its steepest drop since January. This would mark a fifth straight weekly loss, the longest such stretch since July 2020.

"The CPI rise was close to expectations, so it's a significant market reaction for what was a fairly consensus outcome and I think that is a measure of how negative sentiment is on the dollar at the moment," RBC Capital Markets chief currency strategist Adam Cole said.

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