Dollar inches up against dong

By Dat Nguyen   May 22, 2023 | 08:38 pm PT
Dollar inches up against dong
U.S. dollar banknotes are seen in this illustration taken March 10, 2023. Photo by Reuters/Dado Ruvic
The U.S. dollar rose against the Vietnamese dong on Tuesday morning.

Vietcombank sold the dollar at VND23,640, up 0.11% from Monday.

Eximbank raised the greenback by 0.08% to VND23,620. The rate at Techcombank was at VND23,630, up 0.05%.

The State Bank of Vietnam kept its reference rate unchanged at VND23,670. The dollar was sold at VND23,480 on the black market, same as Monday.

The dollar has decreased by 0.38% against the dong since the beginning of the year.

Globally the dollar touched a six-month high against the yen on Tuesday as expectations grew that U.S. rates will remain higher for longer and as the debt ceiling impasse kept risk sentiment fragile, Reuters reported.

Among a slew of Federal Reserve heavyweights who spoke on Monday, some hinted that the central bank still has more to go in tightening monetary policy.

Minneapolis Fed President Neel Kashkari said that U.S. rates may have to go "north of 6%" in order for inflation to return to the Fed's 2% target, while St. Louis Fed President James Bullard said that the central bank may still need to raise another half-point this year.

Against the Japanese yen, the greenback rose to a near six-month peak of 138.80 in early Asia trade, a reflection of the stark contrast between a still-hawkish Fed and an ultra-dovish Bank of Japan.

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