Dollar surges to 15-week high against dong

By Dat Nguyen   June 29, 2023 | 08:01 pm PT
Dollar surges to 15-week high against dong
An employee counts U.S. banknotes at a bank in Ho Chi Minh City. Photo by VnExpress/Thanh Tung
The U.S. dollar rose to the highest since March 16 against the Vietnamese dong on Friday morning.

Vietcombank sold the dollar at VND23,755 Friday, up 0.11% from Thursday.

Eximbank kept the greenback at VND23,670, and Techcombank maintained it at VND23,755.

The State Bank of Vietnam (SBV)’s reference rate is at VND23,800, up 0.07%.

Unofficial exchange points kept the dollar stable at VND23,630.

The dollar has gained over the dong by 0.11% since the beginning of the year.

Elsewhere the yen weakened past 145 per dollar on Friday, a level which kept speculators wary of potential intervention from Japanese authorities, while a faltering economic recovery in China also kept pressure on the yuan, Reuters reported.

The yen bottomed at 145.07 per dollar in early Asia trade, its lowest in over seven months, and was headed for a quarterly loss of more than 8%.

Its renewed decline has stoked speculation that intervention by Japanese authorities could be imminent, particularly as the level of 145 per dollar first prompted them to shore up the yen in September.

"I don’t think there’s a huge line in the sand, because if the other major currencies of major trading partners also move in tandem, it doesn’t make sense for them to intervene," said Saktiandi Supaat, Maybank’s regional head of foreign exchange research and strategy.

"But of course, people will see 145 as the historical level."

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