Dollar dips against dong

By Dat Nguyen   April 19, 2023 | 01:21 am PT
Dollar dips against dong
An employee counts Vietnamese banknotes at a bank in Hanoi. Photo by VnExpress/Giang Huy
The U.S. dollar dropped against the Vietnamese dong Wednesday afternoon.

Vietcombank sold the dollar at VND23,645, down 0.23% from Tuesday.

Eximbank sold the greenback at VND23,620, down 0.17%.

Techcombank lowered its rate by 0.14% to VND23,645.

The State Bank of Vietnam (SBV)’s reference rate went up 0.05% to VND23,626.

Unofficial exchange points kept the greenback stable at VND23,520.

The dollar has depreciated against the dong by 0.36% since the beginning of the year.

Globally the dollar index, which gauges the greenback against six major peers, ticked up 0.22% to 101.94 after a choppy few days, Reuters reported.

On Friday, the index had dipped to a one-year low at 100.78.

Among major currencies, the dollar's largest gains were against the Japanese yen, gaining 0.53% to 134.8 recovering from a 0.29% retreat on Tuesday.

The pair tends to track U.S. yields, and U.S. two-year Treasury yields, which are extremely sensitive to Fed expectations, are at a one month high of 4.261%.

"The market is pretty much resigned to a 25 bps hike at the (Federal Reserve's) May meeting, so it's more the ebb and flow of expectations about rate cuts this year that's causing U.S. bond market volatility," said Ray Attrill, head of foreign-exchange strategist at National Australia Bank.

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