On Tuesday morning, the U.S. dollar saw a slight increase against the Vietnamese dong.
Vietcombank increased its rate by 0.07%, raising it to VND26,160.
The State Bank of Vietnam reduced its reference rate by 0.02% to VND24,938.
On the black market, the exchange rate for the dollar stood at VND26,530, marking an increase of 0.15%.
It has increased by 2.38% relative to the dong since the start of the year.
Throughout the world, the dollar found little traction on Tuesday due to an extraordinary two-day rally in its Taiwanese equivalent, which extended into gains for other nearby currencies, underscoring the vulnerability of the U.S. currency.
Reuters
reported.
Hong Kong’s de-facto central bank said earlier in the day it bought $7.8 billion (HK$60.5 billion) to stop the local currency from strengthening and breaking its peg to the U.S. dollar.
“Although this shift has largely resulted from hedging activities by long-term investors, much discussion revolves around whether nations with traditionally ‘weak’ and closely controlled currencies are now attempting to attract Trump’s favor through adjustments in their exchange rates. As part of the ongoing trade talks, some of these countries may be permitting their currencies to appreciate,” explained Chris Weston, who leads research at Pepperstone.
Compared to a mix of global currencies, the U.S. dollar rose by 0.2%, reaching 100.04. Last month, the value of the dollar index dropped by 4.3%, marking its biggest decrease in more than two years.
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