Dollar plunges at banks
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The U.S. dollar plunges at commercial banks Wednesday morning, with Vietinbank selling it at VND24,785, down 0.26% from Tuesday.
It dropped 0.20% to VND24,800 at Vietcombank, and 0.28% to VND24,770 at Eximbank.
The State Bank of Vietnam set the reference rate 0.01% lower at VND23,665.
The greenback is sold at VND24,960 on the black market, down 0.24%.
The Dollar Index, which measures the greenback’s strength against major currencies, hovers around 106, down from a 20-year high of 114.78 on September 28 on expectations that its rally may have been overstretched and as the Fed looks to slow its pace of rate increases.
Rising inflation and geopolitical tension have pushed the dollar up 8% over the dong by over 8% since the beginning of this year.
Questions & Answers
Q.Which commercial banks saw the US dollar drop on Wednesday morning?
Which commercial banks saw the US dollar drop on Wednesday morning?
The US dollar plunged at commercial banks including Vietinbank, Vietcombank, and Eximbank. Vietinbank sold it at VND24,785, Vietcombank at VND24,800, and Eximbank at VND24,770.
Q.What is the current value of the Dollar Index?
What is the current value of the Dollar Index?
The Dollar Index is currently hovering around 106. This is a decrease from its 20-year high of 114.78, recorded on September 28th.
Q.What factors have contributed to the recent strengthening of the dollar against the dong?
What factors have contributed to the recent strengthening of the dollar against the dong?
Rising inflation and geopolitical tension have pushed the dollar up by over 8% against the dong since the beginning of this year, contributing to its overall strength.
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