Dollar drops against dong

By Dat Nguyen   February 20, 2024 | 08:25 pm PT
Dollar drops against dong
An employee counts U.S. banknotes at a bank in Hanoi. Photo by VnExpress/Giang Huy
The U.S. dollar fell against the Vietnamese dong Wednesday.

Vietcombank sold the dollar at VND24,680, down 0.08% from Tuesday.

The State Bank of Vietnam raised its reference rate by 0.02% to VND23,993.

The dollar went up 0.24% to VND25,130 on the black market.

It has increased against the dong by 1.06% since the beginning of the year.

Globally the dollar fell broadly on Wednesday as it tracked a global decline in bond yields, while sterling struggled to retain gains following dovish comments from Bank of England (BoE) Governor Andrew Bailey on the central bank's rate outlook, Reuters reported.

The greenback slipped below 150 yen in early Asia trade and last bought 149.93 yen, giving the Japanese currency some breathing space having been pinned near a three-month low in previous sessions.

The U.S. dollar index steadied at 104.05.

"Interestingly, the order and extent of policy moves that are implied by market rates seem to have only the vaguest of correlations with the levels of economic activity in each of the G10 economies," said Jane Foley, senior FX strategist at Rabobank.

"It is clear that the process of calibrating the timing and pace of central bank policy moves this year still has some way to go."

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