Dollar drops slightly against dong

By Dat Nguyen   November 27, 2023 | 09:46 pm PT
Dollar drops slightly against dong
A money changer counts U.S. dollar banknotes at a currency exchange office in Ankara, Turkey Sept. 27, 2021. Photo by Reuters
The U.S. dollar fell marginally against the Vietnamese dong Tuesday morning.

Vietcombank sold the dollar at VND24,410, down 0.02% from Monday.

The State Bank of Vietnam lowered its reference rate by 0.07% to VND23,930.

The greenback fell 0.20% to VND24,670 on the black market.

It has increased against the dong by 2.87% since the beginning of the year.

Globally, the dollar index touched its lowest since late August against its rivals, making gold less expensive for other currency holders. Yields on 10-year Treasury notes hovered near two-month lows of 4.3630%, Reuters reported.

Recent data showing signs of slowing inflation in the U.S. has boosted expectations that the Fed could begin easing monetary conditions sooner than expected, with the market now awaiting Personal Consumption Expenditures (PCE) data - Fed's preferred inflation gauge - on Thursday.

Lower interest rates reduce the opportunity cost of holding non-interest-bearing bullion.

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