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Dong reaches 3-week high as inflation concerns ease   2008-07-22 - Bloomberg


Vietnam’s dong advanced to the strongest in three weeks on speculation inflation will moderate from a 16-year high, helping preserve the purchasing power of the currency.



The dong was at VND16,680 per dollar Monday from VND16,795 on July 18, according to data compiled by Bloomberg.

That’s the strongest it’s been since June 27.

Vietnam’s consumer price index will rise by about 1 percent this month from June, according to Le Xuan Nghia, general director of the central bank’s banking development strategy department.

That’s less than last month’s 2.1 percent increase and may help bring the nation’s inflation rate down from June’s 26.8 percent, which was the highest since at least 1992 and more than triple the level of a year earlier.

The currency slumped to 16,850 per dollar on July 9, the weakest since at least 1993.

The State Bank of Vietnam fixed a daily reference rate of VND16,500 a dollar, compared with VND16,501 on July 18, according to its website.

The currency is allowed to trade up to 2 percent on either side of the rate.

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