An employee holds U.S. dollar bank notes at a money changer in Jakarta, Indonesia, April 9, 2025. Photo by Reuters
The U.S. dollar rose slightly against the Vietnamese dong Tuesday morning.
Vietcombank hiked its rate by 0.07% to VND26,160.
The State Bank of Vietnam lowered its reference rate by 0.02% to VND24,938.
On the black market the dollar was traded at VND26,530, up 0.15%.
It has risen 2.38% against the dong since the beginning of the year.
Globally the dollar struggled to make headway on Tuesday as an unprecedented two-day surge in its Taiwanese counterpart spilled over to other regional peers and highlighted the fragility of the U.S. currency, Reuters reported.
Hong Kong’s de-facto central bank said earlier in the day it bought $7.8 billion (HK$60.5 billion) to stop the local currency from strengthening and breaking its peg to the U.S. dollar.
“While the move has been driven by hedging activity from lifers, the factor many talk about is whether these countries with historically ‘weak’ and heavily managed currencies are now appealing to Trump through the currency channels and are now allowing for an appreciation of the currency as part of the trade negotiations,” said Chris Weston, head of research at Pepperstone.
Against a basket of currencies, the dollar was up 0.2% at 100.04. The dollar index had clocked a monthly decline of 4.3% last month, the largest in over two years.
