Dollar moves up marginally against dong

By Dat Nguyen   September 7, 2023 | 07:40 pm PT
Dollar moves up marginally against dong
An employee counts U.S. banknotes at a bank in Hanoi. Photo by VnExpress/Giang Huy
The U.S. dollar rose slightly against the Vietnamese dong on Friday morning.

Vietcombank sold the dollar at VND24,260, up 0.08% from Monday.

The State Bank of Vietnam brought down its reference rate by 0.08% to VND23,959.

The dollar was stable on the black market at VND24,200.

It has increased against the dong by 2.23% since the beginning of the year.

Globally the dollar was headed for its longest weekly winning streak in nine years on Friday, bolstered by a resilient run of U.S. economic data that has also put the end of the Federal Reserve's rate-hike cycle into question, Reuters reported.

The U.S. dollar index, which measures the greenback against its major peers, steadied at 105.02 in early trade, not far from the previous session's six-month high of 105.15.

The index was on track to extend its gains into an eighth straight week, and is up 0.7% so far.

The euro, the largest component in the dollar index, was staring at eight straight weeks of losses, with the single currency last marginally higher at $1.0701, after having fallen to a three-month low of $1.0686 on Thursday.

"This week's story was very much about the resilience we've seen in the data ... the market's psychology is that things just look so much better in the U.S. than they do elsewhere in the world," said Ray Attrill, head of FX strategy at National Australia Bank, as cited by Reuters.

 
 
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