Dollar drops to one-week low against dong

By Dat Nguyen   July 10, 2023 | 07:56 pm PT
Dollar drops to one-week low against dong
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 Tuesday morning, having declined in recent sessions after surging since the end of June.

Vietcombank sold the dollar at VND23,800, down 0.08% from Monday.

Eximbank sold the greenback at VND23,670, and Techcombank VND23,810. Both rates were unchanged from Monday.

The State Bank of Vietnam’s reference rate was at VND23,787, down 0.1%.

Unofficial exchange points sold the greenback at VND23,700, down 0.21%.

The dollar has gained over the dong by 0.29% since the beginning of the year.

Globally the dollar weakened on Tuesday after Federal Reserve officials signaled that the central bank was nearing the end of its tightening cycle, though it traded in a tight range ahead of a key U.S. inflation report, Reuters reported.

Sterling meanwhile hit a fresh 15-month high of $1.2869, while the euro tacked on 0.03% to $1.1004.

The Japanese yen rose to a near one-month high of 141.15 per dollar on Tuesday and last bought 141.43 per dollar, drawing support from a slump in U.S. Treasury yields.

The dollar/yen pair is particularly sensitive to U.S. yields as interest rates in Japan are anchored near zero.

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