On Tuesday morning, the U.S. dollar gained strength against the Vietnamese dong and is set to have its best month since July against significant international currencies. Vietcombank quoted the U.S. dollar at VND26,357, marking a 0.008% increase from its Monday valuation. Meanwhile, the black market saw a 0.28% decline in the currency’s value, bringing it to around VND27,112.
Vietcombank’s USD/VND Exchange Rate Performance
The Vietnamese State Bank responded to the U.S. dollar’s performance by increasing its reference rate by 0.008%, bringing it to VND25,102.
On a global scale, the dollar is on track for its largest monthly gain since last July. This surge in value positions the dollar as the leading ‘safe asset’ in the current economic climate, characterized by escalating military conflict in the Mideast and consequent surges in oil prices, which have increased the risk of a worldwide recession.
The U.S. dollar index reached its maximum since last May, hitting 100.61 and marking an increase of 2.9% throughout March; this rise is the most significant monthly increase since last July.
Performance of Other Major Currencies
Other significant currencies experienced fluctuating fortunes. The yen, for instance, which hit its lowest point since July 2024 the day before, was traded at 159.81 in Asia on Tuesday morning. This represents a monthly decline of approximately 2.4%, due in large part to Japan’s reliance on imported energy resources, the prices of which are soaring.
The euro also experienced a downturn, slipping 0.3% overnight and is set for a monthly decline of around 3%. The Australian dollar hit a two-month low, coming in at $0.6834 overnight and was traded at $0.6844 in the Asian morning. The New Zealand dollar is also under strain, hitting a four-month low of 57 cents and last traded nearby at around $0.5716.
The South Korean won fell to its weakest level since 2009. Against the Swiss franc, the U.S. dollar has risen nearly 4% this month, hitting 0.80 francs.
Questions & Answers
What was the U.S. dollar’s value against the Vietnamese dong on Tuesday morning?
The U.S. dollar was valued at VND26,357 on Tuesday morning.
What is the global performance of the U.S. dollar at present?
The U.S. dollar is currently experiencing its largest monthly gain since last July, making it the strongest ‘safe asset’ in the current global economic climate.
How have other significant currencies performed recently?
The yen and the euro have seen monthly declines of 2.4% and 3% respectively. The Australian and New Zealand dollars have also experienced dips, while the South Korean won has fallen to its weakest level since 2009.
