Dollar tumbles against dong

By Dat Nguyen   March 12, 2023 | 08:58 pm PT
Dollar tumbles against dong
A U.S. one dollar banknote is seen in this illustration taken November 23, 2021. Photo by Reuters/Murad Sezer
The U.S. dollar plunged against the Vietnamese dong Monday morning.

Vietcombank sold the dollar at VND23,740 Monday, down 0.42% from Sunday.

Eximbank lowered its rate by 0.55% to VND23,710.

The rate at Techcombank was VND23,740, down 0.29%, and at ACB was VND23,900, down 0.42%.

The State Bank of Vietnam (SBV) maintained its reference rate at VND23,638.

The greenback was sold at VND23,820 on the black market, up 0.17%.

The USD/VND exchange rate has increased by 0.04% since the beginning of the year.

The U.S. dollar fell sharply on Monday as authorities stepped in to cap the fallout from the sudden collapse of Silicon Valley Bank (SIVB.O), with investors hoping the Federal Reserve will take a less aggressive monetary path, Reuters reported.

The U.S. government announced several measures early on Monday Asian hours, and said all SVB customers will have access to their deposits starting on Monday. Officials also said depositors of New York's Signature Bank, which was closed Sunday by the New York state financial regulator, would also be made whole at no loss to the taxpayer.

The Fed also announced it would make additional funding available through a new Bank Term Funding Program, which would offer loans up to one year to depository institutions, backed by Treasuries and other assets these institutions hold.

The dollar index, which measures the U.S. currency against six rivals, fell 0.528% at 103.69, its lowest in nearly a month after Goldman Sachs said it no longer expects the Fed to deliver a rate hike at its March 22 meeting. It had previously expected a 25 basis point hike.

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