Dollar declines against dong

By Dat Nguyen   March 8, 2023 | 10:19 pm PT
Dollar declines 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 fell slightly against the Vietnamese dong at banks Thursday morning.

Vietcombank sold the dollar at VND23,875, down 0.02% from Wednesday.

Techcombank lowered its rate by 0.02% to VND23,885.

Eximbank maintained the greenback at VND23,870.

The State Bank of Vietnam raised its reference rate by 0.03% to VND23,640.

Unofficial exchange points sold the dollar at VND23,780, up 0.08%.

The dollar has increased by 0.61% over the dong since the beginning of the year.

Globally the U.S. dollar was perched near a three-month high on Thursday as Federal Reserve Chair Jerome Powell's message that interest rates would have to go higher and possibly faster to tame inflation dominated sentiment and underpinned the U.S. currency, Reuters reported.

In the second day of his testimony to Congress on Wednesday, Powell reaffirmed his hawkish message, though striking a cautious note that debate on the scale and path of future rate hikes was still underway and would be data-dependent.

That caused the U.S. dollar to pause its sharp rally from earlier in the week, retreating from close to a three-month top against the Japanese yen to last stand at 136.97.

The euro and sterling similarly edged away from their multi-month lows, steadying at $1.0547 and $1.18435, respectively.

"Powell conceded that the March decision is data-dependent," said Thierry Wizman, Macquarie's global FX and rates strategist. "The question facing us, therefore, is whether January's economic reacceleration was a blip or a trend."

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