The U.S. dollar strengthened against the Vietnamese dong Friday morning as it rose to a 13-month high against major peers.
Vietcombank sold the greenback at VND26,440, up 0.03% from Thursday. The currency was trading at roughly VND26,410 on the black market.
The State Bank of Vietnam’s reference rate rose 0.03% to VND25,181.
Globally, the U.S. dollar was on a tear on Friday, hovering near a 13-month high on its major peers, after a hawkish turn from the Federal Reserve led markets to price in more than one rate hike this year, Reuters reported.
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An employee counts U.S. banknotes at a bank in Hanoi. Photo by VnExpress/Giang Huy |
The U.S. dollar index is set for a weekly gain of 1% on Friday at 100.78. That pushed the yen to 161.26 a dollar, the lowest since July 2024 and well beyond the 160 level widely seen as a line in the sand for Japanese intervention.
The British pound was off 0.1% at $1.3195, after a 0.7% drop overnight as the Bank of England kept interest rates on hold.
The dollar’s strength reflected a sharp repricing of the Fed rate outlook, after nine of 19 officials signaled higher borrowing costs this year when the central bank held rates steady as expected on Wednesday. New Fed Chair Kevin Warsh vowed to deliver price stability.
