Dollar's gain over dong breaks 4%

By Dat Nguyen   October 18, 2023 | 08:44 pm PT
Dollar's gain over dong breaks 4%
A woman counts U.S. dollar bills. Photo by Reuters/Marcos Brindicci
The U.S. dollar rose against the Vietnamese dong Thursday morning and continued to reach another peak so far this year, having risen by 4.26% since early January.

Vietcombank sold the dollar at VND24,740, up 0.20% from Wednesday.

The State Bank of Vietnam raised its reference rate by 0.02% to VND24,100.

The dollar was sold at VND24,640 on the black market, unchanged from Wednesday.

Globally, the dollar held the yen near a two-week low, as growing expectations the U.S. Federal Reserve will keep rates higher for longer had the greenback and U.S. Treasury yields on the rise overnight and markets awaited a speech by Fed Chair Powell, Reuters reported.

Fed Governor Christopher Waller and John Williams were among the latest U.S. central bank officials to make comments this week, with the Fed's Oct. 31 - Nov. 1 monetary policy meeting fast approaching.

The dollar index, which measures the dollar against a basket of currencies, held steady near Wednesday's high of 106.63 in the Asian morning.

The greenback received support from a surge in U.S. Treasury yields overnight, as concerns about government debt issuance mounted against the backdrop of the ongoing interest rate discussion.

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