Dollar rises over dong

By Dat Nguyen   January 14, 2024 | 09:13 pm PT
Dollar rises over dong
An employee counts U.S. banknotes at a bank in Ho Chi Minh City. Photo by VnExpress/Thanh Tung
The U.S. dollar gained against the Vietnamese dong Monday morning.

Vietcombank sold the dollar at VND24,650 Monday, up 0.08% from Sunday.

The State Bank of Vietnam kept its reference rate unchanged at VND23,992.

The dollar went up 0.48% to VND24,970 on the black market.

The greenback has increased against the dong by 0.94% since the beginning of the year.

Globally the dollar ebbed on Monday on renewed expectations of a rate cut by the Federal Reserve in March, while the yuan fell to a one-month low after China's central bank surprised markets by keeping its medium-term policy rate steady, Reuters reported.

The People's Bank of China (PBOC) on Monday left the interest rate unchanged when rolling over maturing medium-term policy loans, defying market expectations for a cut to shore up China's bumpy post-pandemic economic recovery.

That sent the onshore yuan sliding to a one-month low of 7.1813 per dollar, while its offshore counterpart was last at 7.1863 per dollar, languishing near Friday's one-month trough.

Sterling slipped 0.1% to $1.2739, though remained not too far from its two-week peak hit last week.

The euro hovered near the $1.10 mark and was last 0.05% higher at $1.0957. The dollar index dipped 0.1% to 102.40, having drifted largely sideways over the past couple of sessions.

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