An employee counts U.S. banknotes at a bank in Hanoi. Photo by VnExpress/Giang Huy
The U.S. dollar plunged against the Vietnamese dong Thursday morning.
Vietcombank sold the dollar at VND26,000, a 0.69% decline from the record VND26,182 hit on Wednesday. On the black market, the greenback went up by 0.11% to VND26,260.
The State Bank of Vietnam raised its reference rate by 0.11% to VND24,964.
Globally, U.S. stock futures and the dollar were left out of Thursday’s relief rally despite an overnight surge on Wall Street after U.S. President Donald Trump said he would temporarily lower the hefty duties he had just imposed on dozens of countries, Reuters reported.
The dollar fell 0.7% against the yen and 0.6% against the Swiss franc, failing to sustain its sharp overnight jump against the two safe haven currencies, highlighting market uncertainty over the longer term outlook. The euro added 0.32% to $1.0985.
“Regardless of how the next 90 days evolve, the U.S.’s international reputation has been eroded,” ANZ analysts said in a note to clients.
“The U.S. dollar’s valuation extremes against some currencies seem increasingly unjustified in the medium term.”
