Dollar ups against dong

By Dat Nguyen   May 29, 2023 | 08:59 pm PT
Dollar ups 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 slightly against the Vietnamese dong Tuesday morning.

Unofficial exchange points sold the greenback 0.04% higher than Monday at VND23,540.

Eximbank sold it at VND23,630, up 0.04%.

Techcombank raised the rate by 0.02% to VND23,645.

Vietcombank maintained the dollar at VND23,650.

The State Bank of Vietnam set its reference rate 0.01% higher at VND23,714.

The dollar has fallen against the dong by 0.34% since the beginning of the year.

The U.S. dollar fell on Tuesday against a basket of major currencies but did not drift far from a two-month peak, after a deal over the U.S. debt ceiling lifted risk sentiment, although the agreement could face a rocky path through Congress, Reuters reported.

The dollar index, which measures the U.S. currency against six major peers, slipped 0.125% to 104.17, easing away from the two-month high of 104.42 it touched on Friday. The index is set to end the month with a gain of 2.5%.

A handful of hard-right Republican lawmakers said on Monday they would oppose a deal to raise the United States' $31.4 trillion debt ceiling.

The opposition highlights the hurdles that Democratic President Joe Biden and top congressional Republican Kevin McCarthy will face to get the package through the Republican-controlled House of Representatives and Democratic-controlled Senate before the limit is reached, likely by next Monday.

"It is as if the two political parties in the U.S. are playing a game of chicken and daring the other side to capitulate," said Marc Chandler, chief market strategist at Bannockburn Global Forex in New York.

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