Dollar shoots up to year's peak

By Dat Nguyen   August 14, 2023 | 07:25 pm PT
Dollar shoots up to year's peak
An employee counts U.S. banknotes at a bank in Ho Chi Minh City. Photo by VnExpress/Thanh Tung
The U.S. dollar roses against the Vietnamese dong Tuesday morning to the highest level this year.

Vietcombank sold the dollar at VND24,010, up 0.08% from Monday.

The State Bank of Vietnam raised its reference rate by 0.18% to VND23,881.

The dollar was sold at at VND23,830 on the black market, up 0.06%.

It has increased by 1.18% against the dong since the beginning of the year.

Globally the U.S. dollar hovered near 2023 highs on Asian currencies on a combination of rising U.S. Treasury yields and nervousness about the extent of crisis in China’s property industry, which has been dragging down the yuan in spite of official resistance, Reuters reported.

China’s rate cuts offered some hope that economic help was on the way, and in offshore trade the yuan hit a 9-1/2 month low of 7.2958 to the dollar.

The yen hit a nine-month low of 145.60 per dollar.

The euro was dunked to a one-month low of $1.0874 overnight and steadied at $1.0907 in Asia.

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