Dollar declines against dong

By Dat Nguyen   July 13, 2023 | 08:07 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 against the Vietnamese dong on Friday morning.

Vietcombank sold the dollar at VND23,810, down 0.02% from Thursday.

The State Bank of Vietnam maintained its reference rate at VND23,720.

The greenback was sold at VND23,670 on the black market, down 0.08%.

The dollar has gained over the dong by 0.34% since the beginning of the year.

Globally the greenback hovered at 15-month lows on Friday after a steep dive overnight, as markets wagered the Federal Reserve was close to the end of its rate hike cycle due to easing inflation, Reuters reported.

The dollar index, which measures the U.S. currency against six major rivals, stood at 99.71 in early Asian hours, its lowest since April 2022. The index is on course for its worst week since November.

U.S. producer prices barely rose in June and the annual increase in producer inflation was the smallest in nearly three years, data showed on Thursday, a day after consumer prices rose modestly last month as evidence mounts that the world’s largest economy had entered a phase of easing inflation.

"Markets are generally pretty pleasant with the lower inflation data, because lower inflation together with the still resilient labour market supports the narrative of a soft landing in the U.S. economy," said Carol Kong, currency strategist at Commonwealth Bank Of Australia in Sydney.

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