Dollar hovers at three-month high

By Dat Nguyen February 19, 2024 | 08:49 pm PT

An employee counts U.S. banknotes at a bank in Ho Chi Minh City. Photo by VnExpress/Thanh Tung

The U.S. dollar rose against the Vietnamese dong on the black market Tuesday morning while banks kept their rate stable at a three-month peak.

Unofficial exchange points sold the greenback at VND25,070, up 0.28% from Monday.

Vietcombank maintained its rate at VND24,700, same as Monday and highest since Jan. 29.

The State Bank of Vietnam maintained its reference rate at VND23,988.

The dollar has increased against the dong by 1.15% since the beginning of the year.

Globally the yen was pinned near a three-month low against the dollar on Tuesday as sticky U.S. inflation bolstered the case for higher-for-longer interest rates, contrasting with a recession in Japan and market doubts about a near-term exit from its easy policy, Reuters reported.

The greenback last bought 150.25 yen, having already surpassed the psychological 150 per dollar level for six straight sessions and prompting warnings from Japanese officials in a bid to stabilize the currency.

In the broader market, the dollar edged higher, though moves were largely subdued due to Monday's holiday in the United States for Presidents' Day.

Against the greenback, the euro fell 0.09% to $1.0770, while sterling dipped 0.06% to $1.2588.