Dollar dips against dong

By Dat Nguyen May 24, 2023 | 10:22 pm PT

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 at Vietcombank on Thursday morning.

The state-owned lender sold the dollar at VND23,640, down 0.08% from Wednesday.

Some other banks, however, raised the rate. Eximbank sold the greenback at VND23,630, up 0.04%. Techcombank hiked its rate by 0.04% to VND23,654.

The State Bank of Vietnam kept its reference rate stable at VND23,684.

The dollar remained unchanged on the black market at VND23,480.

The greenback has lost 0.38% against the dong since the beginning of the year.

Globally the dollar pushed to a two-month high against the euro and a six-month peak versus the yen on Thursday, as a resilient U.S. economy led traders to pare their bets on rate cuts this year, Reuters reported.

The greenback has also benefited from demand for safe havens, paradoxically as a U.S. debt ceiling impasse threatens a disastrous default as soon as June 1, when the Treasury has warned it would be unable to pay all its bills.

The dollar touched $1.07425 per euro early in the Asian session for the first time since March 24, and remained elevated to last trade at $1.0748. The dollar also bought 139.66 yen, a level last seen on Nov. 30.