Dollar falls on black market

By Dat Nguyen   July 22, 2024 | 07:56 pm PT
Dollar falls on black market
An employee counts U.S. banknotes at a bank in Ho Chi Minh City. Photo by VnExpress/Thanh Tung
The U.S. dollar fell against the Vietnamese dong on the black market Tuesday morning.

Unofficial exchange points sold the greenback at VND25,700, down 0.16% from Monday.

Vietcombank sold the dollar at VND25,477, up 0.01%.

The State Bank of Vietnam raised its rate by 0.01% to VND24,264.

The dollar has gained 4.24% over the dong since the beginning of the year.

Globally the U.S. dollar was slightly higher on Monday in quiet trading overall, as investors digested U.S. President Joe Biden's decision to end his re-election campaign, a scenario which could inject more volatility into the currency market, Reuters reported.

Against the yen, however, the dollar weakened after two straight days of gains.

Market participants also looked to next week's crucial Federal Reserve and Bank of Japan monetary policy meetings. The Fed could signal it is ready to start its easing cycle by its next meeting in September, while the BOJ, in contrast, could start to raise interest rates, giving the yen a bit of a boost.

 
 
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