Dollar gains over dong on black market

The Vietnamese dong saw the greenback rise by 0.31% to approximately VND25,930 on the black market. The currency remained stable at VND26,180 at the commercial bank Vietcombank. The State Bank of Vietnam increased its reference rate by 0.02% to VND25,641. Globally, the U.S. dollar was set to achieve two consecutive weekly gains in over three months on Friday.

This surge occurred due to rising Treasury yields and increased expectations of additional Federal Reserve rate hikes, which kept the greenback near multi-month highs. The dollar index, which measures the U.S. currency against a selection of currencies, climbed by more than 1% this week to a two-month peak, marking its first two-week gains since June.

However, the rally was weakening, with the index falling slightly to 101.2. The Japanese yen remained near a three-week low at 158.8 per dollar. The euro was trading at a two-month low of $1.1370, on track for a third consecutive weekly decline, its weakest streak since the end of last year. The British pound was stuck near a three-month low of $1.3220 and was set for its worst weekly performance in four months.