Dollar reaches seven-week high against dong

By Dat Nguyen   January 2, 2024 | 08:29 pm PT
Dollar reaches seven-week high against dong
An employee counts U.S. banknotes at a bank in Hanoi. Photo by VnExpress/Giang Huy
The U.S. dollar rose against the Vietnamese dong on Wednesday to the highest since Nov. 14.

Vietcombank sold the dollar at VND24,520, up 0.10% from Tuesday.

The State Bank of Vietnam raised its reference rate by 0.16% to VND23,886.

The dollar went up 0.40% to VND24,800 on the black market.

It has risen against the dong by 0.41% since the beginning of the year.

Globally the dollar rose broadly on Wednesday and stood near a two-week high against its major peers, underpinned by a confluence of factors including elevated U.S. Treasury yields and a cautious turn in risk sentiment that weighed on Wall Street, Reuters reported.

Trading was thinned in Asia with Japan out on a holiday, and with investors still returning from an extended New Year break, currencies traded mostly sideways in early deals.

However, the New Zealand dollar , often used as a proxy for risk appetite, slid to a two-week low of $0.62485.

The Australian dollar likewise hit a two-week trough of $0.6756.

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