Dollar steps up against dong

By Dat Nguyen   September 27, 2023 | 08:44 pm PT
Dollar steps up against dong
U.S. dollar banknotes are seen in this illustration taken March 10, 2023. Photo by Reuters/Dado Ruvic
The U.S. dollar rose against the Vietnamese dong Thursday morning.

Vietcombank sold the dollar at VND24,590 Thursday, up 0.20% from Wednesday.

The State Bank of Vietnam set its reference rate is at VND24,088, unchanged from Wednesday.

The dollar was stable at VND24,450 on the black market.

It has increased against the dong by 3.62% since the beginning of the year.

Globally, oil prices scaled one-year highs on Thursday, while world stocks eyed their longest losing streak in two years as worries deepened about persistently high interest rates, sending investors to shelter in the safety of a surging U.S. dollar, Reuters reported.

Dollar/yen hit 149.71 on Wednesday and traded at 149.40 on Thursday in Asia. The euro dropped 0.7% to a nine-month low of $1.0488 on Wednesday and last bought $1.0511.

It is down more than 3% in September to eye its largest monthly fall on the dollar since April 2022.

China’s yuan is also coming under pressure - ahead of a week-long holiday that begins on Friday - on fresh concern that the struggling property market is swallowing growth.

Only a very strong fixing of its trading band has held off sellers and the yuan last changed hands at 7.3166 per dollar, not far from the weaker extremity of its trading band.

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