On Thursday morning, the U.S. dollar slightly declined against the Vietnamese dong, recording a 9% depreciation against key global currencies for the current year.
Vietcombank lowered the price of the dollar to VND26,244, which represents a decrease of 0.04% compared to Thursday’s rate.
The State Bank of Vietnam reduced its reference rate by 0.04% to VND24,995.
In the black market, the dollar fell by 0.02% to VND26,325.
Worldwide, the dollar weakened and remained close to its lowest point over the past six weeks due to disappointing U.S. economic figures that reignited concerns about sluggish growth and elevated inflation. Meanwhile, the euro held steady as investors anticipated an upcoming interest rate reduction by the European Central Bank. Reuters reported.
The U.S. dollar traded slightly weaker against the Japanese yen at 142.80, whereas the euro remained near $1.1424, close to the six-week peak it reached earlier in the week. Meanwhile, sterling was recently quoted at $1.3557.
The dollar index, which tracks the value of the US currency relative to six others, stood at 98.749 and has declined roughly 9% this year, set for its poorest annual showing since 2017.
The employment figures for May, due to be released tomorrow, will be crucial in determining whether investors' worries are justified or exaggerated. If the labor market report turns out to be weak, it could lead to significant declines in the value of the U.S. dollar, according to Mansoor Mohi-uddin, who serves as the chief economist at Bank of Singapore.
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