USD exchange rate today (May 28): USD skyrockets

USD exchange rate today (May 28): Early morning of May 28, the State Bank announced the central exchange rate of the Vietnamese Dong to the USD increased sharply by 71 VND, currently at: 23,711 VND.

USD exchange rate in the world last week

The USD Index (DXY), which measures the greenback's performance against six major currencies, stood at 104.23, up 1.00%.

Chart of DXY Index fluctuations over the past week. Photo: Marketwatch.

The dollar rose 0.04% to 103.24 on Monday as investors awaited fresh data to gauge whether the Federal Reserve is likely to continue raising interest rates, while also keeping an eye on the debate surrounding the US debt ceiling. The greenback has gained in the past two weeks as stronger-than-expected economic reports and hawkish Fed officials kept the prospect of rate hikes alive.

The greenback rose 0.32% and 0.4% to 103.89 on May 24 and 25, hitting a two-month high against major currencies, as the lack of progress in US debt ceiling negotiations weighed on investor sentiment. Another round of debt ceiling negotiations took place on May 23 with no signs of progress as the deadline to raise the government 's $31.4 trillion borrowing limit or default risk loomed closer.

Market expectations for a Fed rate hike at its next meeting in June have risen slightly after the minutes of its policy meeting in early May were released. Specifically, Fed officials all said that further rate hikes should be carefully considered, while others warned that the US central bank should keep interest rate decisions open due to persistent inflation risks.

The greenback extended its gains for a third straight week on May 26 and 27, hitting 104.23, as markets bet the Fed would keep interest rates higher for longer and as investors closely watched developments in final negotiations over the US debt ceiling. Positive developments in talks between US President Joe Biden and US House Speaker Kevin McCarthy helped ease investor jitters, although concerns remained about when the two sides would reach a deal. According to a US administration official, the two sides are close to reaching an agreement to raise the debt ceiling for two years and limit spending on most items.

Meanwhile, the euro also rose 0.11% against the greenback, currently at $1.0731. Top European policymakers have expressed different views on the future inflation situation in the euro zone.

USD exchange rate today, May 28: USD continues to soar. Illustration photo: Reuters.

Domestic USD exchange rate today

In the domestic market, at the end of the trading session on May 26, the State Bank announced the central exchange rate of the Vietnamese Dong to the USD increased by 15 VND, currently at: 23,711 VND.

* The reference exchange rate at the State Bank's transaction office increased slightly, currently at: 23,400 VND - 24,846 VND.

USD exchange rates at commercial banks are as follows: