Dollar reaches another historic peak

By Dat Nguyen April 3, 2024 | 09:02 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 Thursday morning and secured another peak after reaching an all-time high Wednesday.

Vietcombank sold the dollar at a record level of VND25,140, up 0.04% from Wednesday.

The State Bank of Vietnam raised its reference rate by 0.07% to VND24,038.

The dollar fell 0.04% to VND25,530 on the black market.

It has increased against the dong by 2.95% since the beginning of the year.

Globally the dollar was pinned beneath recent peaks on Thursday with traders taking remarks from Federal Reserve Chair Jerome Powell as reassuring on the likelihood of interest rate cuts this year while waiting for the latest U.S. labour market readout, Reuters reported.

The yen, which has been frozen lately by the risk of official intervention, hardly enjoyed much relief either, and at 151.56 was more or less where it has been for three weeks.

The euro, up 0.6% overnight, was back to the middle of a range it has kept for a year at $1.0837. European inflation came in softer-than-expected on Wednesday, reinforcing expectations for a European rate cut in June.