Dollar rises against dong
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The U.S. dollar strengthened against the Vietnamese dong Monday morning.
Vietcombank sold the dollar at VND25,474, up 0.06% from the weekend. The greenback is sold at VND25,740 on the black market, down 0.04%.
The State Bank of Vietnam (SBV)’s reference rate rose 0.06% to VND24,261.
The dollar has increased against the dong by 4.32% since the beginning of the year.
Globally, the dollar eased on Monday in the initial reaction to U.S. President Joe Biden’s decision to end his reelection campaign, clearing the way for another Democrat to challenge Donald Trump.
The U.S. currency slipped 0.08% to 157.38 yen early in the Asian day, while the euro gained 0.11% to $1.0895.
Biden announced he was exiting the race on Sunday, and endorsed Vice President Kamala Harris to replace him as the Democratic candidate in the November election.
Commonwealth Bank of Australia strategist Joseph Capurso warned it was too early to read too much in the dollar’s reaction.
“The bottom line is what the polls show this week,” Capurso said, explaining that a decline in odds for a Trump win should see the dollar weaken, and vice versa.
Questions & Answers
Q.What was the official selling rate for the U.S. Dollar at Vietcombank on Monday morning?
What was the official selling rate for the U.S. Dollar at Vietcombank on Monday morning?
Vietcombank sold the U.S. Dollar at VND25,474 on Monday morning. This represented an increase of 0.06% compared to the rate at the weekend, indicating a strengthening of the dollar against the dong.
Q.How has the dollar performed against the dong overall since the start of the year?
How has the dollar performed against the dong overall since the start of the year?
Since the beginning of the year, the dollar has increased in value against the Vietnamese dong. The article states that the dollar has risen by 4.32% over this period, showing a significant upward trend.
Q.Why did the dollar ease globally on Monday, despite strengthening against the dong?
Why did the dollar ease globally on Monday, despite strengthening against the dong?
Globally, the dollar eased on Monday following U.S. President Joe Biden's decision to end his reelection campaign. This cleared the way for another Democrat to challenge Donald Trump, causing an initial reaction in currency markets.
Q.What was the State Bank of Vietnam's reference rate for the dollar on Monday?
What was the State Bank of Vietnam's reference rate for the dollar on Monday?
On Monday, the State Bank of Vietnam's reference rate for the dollar rose to VND24,261. This marked a 0.06% increase from its previous level, reflecting the broader trend of the dollar strengthening.
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