Dollar gains at banks

By Dat Nguyen   March 7, 2023 | 10:57 pm PT
The U.S. dollar rose against the Vietnamese dong at most banks on Wednesday morning.

Vietcombank sold the dollar at VND23,880 Wednesday, up 0.21% from Tuesday.

Eximbank set the rate 0.46% higher at VND23,910.

The rate at Techcombank was at VND23,900, up 0.31%.

The State Bank of Vietnam kept its reference rate unchanged at VND23,633.

The dollar was sold at VND23,760 on the black market, down 0.25%.

The dollar has risen over the dong by 0.63% since the beginning of the year.

Globally the dollar was riding high on Wednesday, flung to three-month peaks when Federal Reserve Chair Jerome Powell surprised investors by warning that interest rates might need to go up faster and higher than expected to rein in inflation, Reuters reported.

The rising greenback broke above its 200-day moving average against the yen for the first time this year in Asia trade, hitting its highest since mid-December at 137.49 yen.

Overnight it had shot more than 1.2% higher on the euro, its biggest one-day move in five months. It last traded at $1.0550 per euro.

The U.S. dollar index, which measures the dollar against a basket of six major currencies, jumped 1.3% overnight to a three-month peak of 105.65.

"The latest economic data have come in stronger than expected," Powell told lawmakers on Capitol Hill, "which suggests that the ultimate level of interest rates is likely to be higher than previously anticipated.

"If the totality of the data were to indicate that faster tightening is warranted, we would be prepared to increase the pace of rate hikes," he said.

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