USD struggles to regain weekly momentum

USD exchange rate today: Early morning of March 23, the State Bank announced the central exchange rate of the Vietnamese Dong to the USD increased by 34 VND this week, currently at 24,813 VND.

The USD Index (DXY), which measures the greenback's performance against six major currencies, rose 0.41% this week to 104.15.

USD exchange rate in the world last week

In the first trading session of the week, the USD fell 0.31% to 103.41, as concerns about the economic consequences of US President Donald Trump's trade policies made investors cautious about the USD.

Currency markets have been volatile in recent months, as traders reassess their initial expectations that President Donald Trump's economic policies would support the dollar and weaken other currencies.

This has sent the USD down 6% against the EUR since mid-January. Since taking office in January, President Donald Trump's announcement of imposing and then suspending tariffs on many trading partners has unsettled markets.

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

On March 19, the greenback continued to decrease by 0.13% to 103.24 while the US Federal Reserve (Fed) began its March policy meeting, which is expected to provide clues on the US interest rate path.

While analysts expect the Fed to keep its monetary policy stance unchanged amid persistent inflation concerns, investors will be looking for fresh economic projections from Fed officials to gain more insight into the US central bank's view on the impact of President Donald Trump's administration's policies.

The DXY index rose 0.22% to 103.46 on March 20 after the Fed kept interest rates unchanged as expected but said policymakers expect to cut borrowing costs by about 50 basis points later this year, even amid expectations of slower economic growth and higher inflation. Fed officials forecast inflation this year at 2.7%, down from the 2.5% pace projected in December. The Fed targets inflation at 2%.

The dollar’s rally continued into March 21, when it rose 0.37% to 103.80, as the Fed said it was in no rush to cut interest rates further this year due to uncertainties surrounding U.S. tariffs. Data released on March 20 showed the number of Americans filing new unemployment claims rose slightly last week, suggesting the labor market remained strong in March. Traders are pricing in about 63 basis points of Fed cuts this year.

The dollar ended the week up 0.30% at 104.15, heading for its first weekly gain this month. The dollar has been under pressure since the start of the year due to concerns about the impact of President Donald Trump’s tariff policies on US economic growth.

The greenback rallied this week after the Fed said it would be in no rush to cut interest rates. Fed policymakers signaled two 25 basis point rate cuts by the end of the year, the same as the median forecast three months ago.

USD exchange rate today March 23: USD struggles to regain weekly growth. Illustration photo: Marketplace.org

Domestic USD exchange rate today

In the domestic market, the State Bank announced the central exchange rate of the Vietnamese Dong to the USD increased by 34 VND this week, currently at 24,813 VND.

* The reference exchange rate at the State Bank's transaction office increased slightly, currently at: 23,623 VND - 26,003 VND.

USD exchange rates at commercial banks are as follows: