Dollar sinks to over 5-month low against dong
The U.S. dollar on Thursday morning continued its decline against the Vietnamese dong, hitting the lowest since Feb. 28.
On Thursday, the US dollar sank to a five-month low against the Vietnamese dong, with the greenback trading at VND26,250, down 0.08% from the previous day. Meanwhile, on the black market, the dollar experienced a surge, reaching VND25,990, a 0.74% increase. Globally, the dollar's rally hit a stumbling block, as a benign US inflation report overnight led traders to reduce bets on a near-term Federal Reserve interest rate hike.
According to Reuters, the greenback remained relatively stable against the yen in Asia's midday session but was projected to gain around 1% this week due to markets buying back the currency following joint US-Japan intervention that had previously pushed it to a three-month low.
The dollar index, which gauges the US currency against the yen and five other major counterparts, held steady at 100 on Thursday but was set to rise by 0.4% over the coming week. At the exchange rate of 159.44 yen, the dollar was near a critical level of 160, considered a threshold following a rare joint intervention by the US and Japan at the end of July. This intervention helped pull the exchange rate down from a near four-decade peak close to 164 to 155.20 over a span of three days.
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