Dollar gains marginally against dong

By Dat Nguyen   July 17, 2023 | 08:48 pm PT
Dollar gains marginally 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 rose slightly against the Vietnamese dong Tuesday morning while globally the green back was fluctuating around a one-year low.

Vietcombank sold the dollar at VND23,810, up 0.04% from Monday.

Techcombank lowered its rate by 0.03% to VND23,810.

The State Bank of Vietnam’s reference rate was down 0.03%.

The dollar was sold at VND23,700 on the black market, down 0.04%.

It has increased by 0.34% against the dong since the beginning of the year.

The dollar wobbled near an over one-year low against its major peers on Tuesday, as investors awaited fresh catalysts to gauge if the greenback has further downside in the wake of last week’s cooler-than-expected U.S. inflation report, Reuters reported.

The U.S. dollar index, which measures the greenback against a basket of six currencies, dipped slightly to 99.84 in early Asia trade, after having tumbled to its lowest since April 2022 on Friday.

The index also clocked its worst week of 2023 last week, after data showed U.S. inflation subsided further with consumer prices registering their smallest annual increase in more than two years, taking pressure off the Federal Reserve to continue raising interest rates.

"I think the dollar can stay under selling pressure," said Carol Kong, a currency strategist at Commonwealth Bank of Australia. "Markets are focused on the end of the FOMC tightening cycle."

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