An employee counts U.S. banknotes at a bank in Hanoi. Photo by VnExpress/Giang Huy
The U.S. dollar rose slightly against the Vietnamese dong Friday morning while trading near a 13-month high against major peers.
Vietcombank sold the dollar at VND25,509, up 0.02% from Thursday.
The greenback fell 0.39% to VND25,750 at unofficial exchange points.
The State Bank of Vietnam raised its reference rate by 0.02% to VND24,295.
The dollar has risen against the dong by 4.46% since the beginning of the year.
Globally, the U.S. dollar stuck close to a 13-month high on Friday as investors assessed the outlook for the Federal Reserve’s interest rate path and uncertainty in Europe kept the euro on the back foot, while bitcoin eyed the $100,000 level, Reuters reported.
The dollar index edged down 0.05% to 107.01, not far off Thursday’s one-year high of 107.15, its highest level since Oct. 4, 2023, with little data this week to dent its march higher.
The dollar has rallied around 3% so far this month on expectations that U.S. President-elect Donald Trump’s policies could reignite inflation and limit the Fed’s ability to cut rates.
The euro, which makes up a hefty portion of the dollar index, steadied at $1.0475 after falling to a 13-month low of $1.0461 on Thursday.
Sterling traded at $1.25915, up 0.03% so far on the day. The dollar was last down 0.17% on the day at 154.27 yen.
The Indian rupee declined to its weakest level on record as a resurgent dollar and sustained portfolio outflows pressured the currency, while heightened geopolitical risks also dampened risk appetite.
The rupee hit a low of 84.4975 in early trading, eclipsing its previous all-time low of 84.4925 hit on Thursday.
Foreign investors have net pulled out over $4 billion from local stocks and bonds in November so far, compounding the pressure on the local currency.
Comments are closed.