Dollar reaches highest year-to-date

By Dat Nguyen February 25, 2024 | 08:36 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 over the Vietnamese dong Monday morning to the highest since the beginning of the year.

Vietcombank sold the dollar at VND24,850, up 0.24% from Sunday.

The State Bank of Vietnam increased its reference rate by 0.03% to VND24,004.

The greenback went up 0.04% to VND25,300 on the black market.

It has increased against the dong by 1.76% since the beginning of the year.

Globally the dollar was on the front foot on Monday ahead of a packed week filled with key economic releases that will provide further clues on the global interest rate outlook, with a U.S. inflation reading taking centre stage, Reuters reported.

The core personal consumption expenditures (PCE) price index - the Federal Reserve's preferred measure of inflation - is due on Thursday, where expectations are for a 0.4% increase on a monthly basis.

Ahead of the releases, the greenback edged broadly higher in early Asia trade, pushing the euro down 0.04% to $1.0817, while the New Zealand dollar fell 0.55% to $0.6164.