An employee counts U.S. banknotes at a bank in Ho Chi Minh City. Photo by VnExpress/Thanh Tung
The U.S. dollar fell slightly against the Vietnamese dong on the black market Saturday morning while sliding against major currencies in the previous session.
At unofficial exchange points, the greenback went down 0.1% to VND26,094. Vietcombank sold the currency at VND25,920, the same rate as Friday.
The State Bank of Vietnam kept its reference rate steady at VND24,923.
Globally, the dollar continued to slide against major currencies on Friday as the back-and-forth over import tariffs shook investor confidence in the safety of the greenback, sending it to its lowest level in a decade against the Swiss franc and a three-year low versus the euro, Reuters reported.
The dollar has been hit hard by a global selloff that spread to stocks and even safe-haven U.S. Treasuries. The yields on benchmark 10-year notes are on course for their biggest weekly jump since 2001.
Brad Bechtel, global head of FX at Jefferies, said dollar weakness is being driven partly by the view that U.S. economic exceptionalism is waning – with the potential of a looming recession – and a switch from the dollar as a safe-haven asset to the yen and Swiss franc.
The dollar index, which measures the greenback against a basket of currencies including the yen and the euro, fell 0.56% to 99.958 – hitting its lowest mark since April 2022. It is on track for its biggest weekly drop since early last month.
The dollar was down 0.9% at 0.81650 against the Swiss franc, extending losses in the previous session when it plunged to its lowest level since January 2015. It is on track for its biggest weekly drop since November 2022.
The greenback was down 0.51% at 144.05 yen after hitting its lowest level since September 2024. It is set for its largest weekly drop since early February.
The euro surged 1.25% to $1.134050, after hitting its highest level since February 2022. It is on track for its biggest weekly gain since early last month. The pound was up 0.89% against the dollar, at $1.30825.
