Dollar drops against dong
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TPBank let the dollar slide 0.004% to VND24,854. Techcombank sold it at VND24,852, down 0.004%.
The State Bank of Vietnam set its exchange rate at VND23,671, also down 0.004%.
The dollar was sold VND24,940 at unofficial exchange points, down 0.4% from Wednesday.
The U.S. dollar was broadly weaker on Thursday as investors, encouraged by the prospect of a slower pace of interest rate hikes from the Federal Reserve, placed bets on riskier assets.
The dollar index, which measures the greenback against six major peers, was down 0.066% at 105.830, after sliding 1% overnight.
Questions & Answers
Q.What caused the dollar to weaken on Thursday?
What caused the dollar to weaken on Thursday?
Investors were encouraged by the prospect of slower interest rate hikes from the Federal Reserve. This led them to place bets on riskier assets, causing the dollar to broadly weaken.
Q.How much did the dollar fall against the dong at official banks?
How much did the dollar fall against the dong at official banks?
Vietcombank, TPBank, and Techcombank all sold the dollar 0.004% lower. Their selling rates were VND24,854, VND24,854, and VND24,852 respectively.
Q.Did the dollar also weaken at unofficial exchange points?
Did the dollar also weaken at unofficial exchange points?
Yes, the dollar was sold at VND24,940 at unofficial exchange points, which was a 0.4% drop from Wednesday's rate. This indicates a broader weakening trend.