An employee counts American notes at a bank in Ho Chi Minh City. Photo by VnExpress/Thanh Tung
The US dollar fell against the Vietnamese dong in the black market on Wednesday morning, while remaining stable in banks.
The greenback is trading at 25,580 VND on the black market, down 0.08%.
Vietcombank sold the dollar at 24,950 VND, unchanged from Tuesday.
The State Bank of Vietnam (SBV) reduced its benchmark rate by 0.07% to VND23,998.
The dollar has risen against the dong by 2.17% since the start of the year.
Globally, the dollar rose Wednesday as stronger U.S. economic data cast doubt on the likelihood of interest rate cuts, sending the yen to a three-decade low and into the zone that pushed Japan to intervene in the foreign exchange market in 2022. Reuters reported.
The dollar, meanwhile, is on track for quarterly gains as expectations for a sharp interest rate cut this year have been dashed in the face of strong economic data and reluctance from central bankers to reduce their interest rates.
The yen briefly traded at 151.97 per dollar in the Asian session, down about 0.2% and its weakest level since the mid-1990s.
The euro, at $1.0829, is more or less in the middle of a range it has held for a year and is down 1.9% over the quarter.
The U.S. Dollar Index is up 3% for the quarter at 104.4.
