USD Hits Record High Against VND, Impact on Vietnam Trade

US dollar hits record high against Vietnamese dong

On August 13 morning, Vietcombank kept its USD/VND exchange rate at VND26,450, the highest on record reached on Tuesday afternoon. On the black market, the greenback edged up 0.03% to around VND26,505. The State Bank of Vietnam raised its reference rate by 0.02% to VND 25,247.

The domestic surge comes as the US dollar weakened globally. A softer US July inflation report boosted expectations for a Federal Reserve rate cut in September, while political developments in Washington added further pressure on the currency.

According to Reuters, the US Dollar Index stood at 98.08 after a 0.5% drop on Tuesday. The dollar eased 0.05% against the yen to 147.76, held steady at $1.1676 versus the euro, and gained slightly against sterling to $1.3504.

For Vietnamese businesses, a high USD/VND rate may increase import costs, particularly for industries reliant on foreign inputs, while temporarily enhancing export competitiveness. However, sharp currency fluctuations require close monitoring of monetary policies and global market trends to manage risks effectively.

Source: VnExpress, Reuters

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