Dollar dips to eight-day low

By Dat Nguyen   November 14, 2023 | 10:53 pm PT
Dollar dips to eight-day low
An employee counts U.S. banknotes at a bank in Ho Chi Minh City. Photo by VnExpress/Thanh Tung
The U.S. dollar on Wednesday morning dropped to the lowest since Nov. 7.

Vietcombank lowered its rate to an eight-day low of VND24,450, down 0.33% from Tuesday.

The State Bank of Vietnam brought down its reference rate by 0.02% to VND24,016.

The greenback fell 0.49% to VND24,600 on the black market.

It has increased against the dong by 3.03% since the beginning of the year.

Globally, the dollar stuttered at broadly lower levels on Wednesday after slumping overnight as a surprisingly softer U.S. inflation reading bolstered bets that the Federal Reserve has reached the end of its monetary tightening cycle, Reuters reported.

The sell-off in the dollar drove a rally for many of its peer currencies, with the euro sitting just below an over two-month high hit on Tuesday.

The frenetic currency market activity was sparked by data showing U.S. consumer prices were unchanged in October, with the annual rise in underlying inflation the smallest in two years. In the 12 months through October, the CPI climbed 3.2% - below economists' estimates - after rising 3.7% in September.

go to top