Dollar inches up against dong

By Minh Hieu   April 21, 2024 | 08:58 pm PT
Dollar inches up against dong
An employee counts U.S. banknotes at a bank in Hanoi. Photo by VnExpress/Giang Huy
The U.S. dollar went up against the Vietnamese dong both at banks and unofficial exchange points Monday morning.

Vietcombank sold the dollar at VND25,485, up 0.05% from Sunday.

The greenback rose 0.43% to VND25,870 on the black market.

The State Bank of Vietnam (SBV) also raised its reference rate by 0.05% to VND24,272.

The dollar has increased against the dong by 4.36% since the beginning of the year.

Globally, the euro and yen were relatively steady in early Asian trading on Monday and the U.S. dollar stayed near its highs after last week's hectic policy and geopolitical developments, Reuters reported.

The yen hit 154.70 per dollar, not far from last week's 34-year low of 154.79 and close enough to the 155-level that is next on traders' alerts for possible intervention by Japanese authorities.

The yen has been one of the biggest losers against the dollar this year, with losses mounting to 9%.

The euro was at $1.0657.

The dollar's trade-weighted index was above 106, but off five-month highs it struck last week after comments from Federal Reserve officials and a run of hotter-than-expected inflation data forced a paring back of rate cut expectations.

Yet, while the rethink on Fed easing has led to a general repricing of global rate cut timelines, expectations for the European Central Bank (ECB) and Bank of England (BoE) to start cutting by mid-year are still intact.

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